Naira Drops 0.18% at I&E, Gains 0.34% at P2P

By Adedapo Adesanya

The Naira depreciated by 0.18 per cent or 75 kobo against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Tuesday, March 22.

During the session, the exchange rate of the Nigerian currency to its American counterpart stood at N417/$1 in contrast to N416.25/$1 it was sold at the previous session.

This was influenced by forex demand pressure at the Central Bank of Nigeria (CBN)-controlled FX window, weakening the value of the local currency.

Also, the Naira depreciated against the Pound Sterling yesterday at the spot market by N3.41 to trade at N550.62/£1 compared to the previously traded rate of N547.21/£1 and against the Euro, the local currency recorded a better outcome as it appreciated by N1.45 to sell for N458.17/€1 in contrast to the preceding session’s value of N459.62/€1.

However, at the Peer-2-Peer (P2P) window, it was a different scenario as the domestic currency had a breathing space, appreciating at the close of transactions by N2 or 0.34 per cent to settle at N582/$1 compared with Monday’s closing value of N584/$1.

At the digital currency market, nine of the 10 cryptos tracked by Business Post appreciated on Tuesday, with Cardano (ADA) gaining 6.9 per cent to sell at N582.54.

Dash (DASH) moved upwards by 5.1 per cent to sell for N74,404.44, Litecoin (LTC) rose by 4.6 per cent to trade at N71,907.75, Solana (SOL) appreciated by 3.4 per cent to quote at N55,324.66, Bitcoin (BTC) improved by 3.2 per cent to settle at N25,024,500, Dogecoin (DOGE) increased its value by 2.9 per cent to trade N74.25, Ethereum (ETH) rose by 2.8 per cent to sell at N1,758,548.01, Binance Coin (BNB) recorded a 2.0 per cent gain to trade at N165,052.14, while the US Dollar Tether (USDT) moved higher by 0.1 per cent to sell for N595.86.

During the trading day, the value of Ripple (XRP) went down by 0.9 per cent to trade at N501.11.