Naira Drops to N725/$1 at P2P, N436.50/$1 at Spot Market

September 8, 2022
Naira to Dollar Exchange rate

By Adedapo Adesanya

The Naira weakened further against the United States Dollar on Wednesday and showed signs of coming under pressure from a shortage in the supply of foreign exchange (FX) in the market.

The Nigerian Naira lost N4 against the greenback in the midweek trading day in the Peer-to-Peer (P2P) window of the forex market to settle at N725/$1 in contrast to the N721/$1 it was transacted on Tuesday.

Also, in the Investors and Exporters (I&E) segment of the market, the domestic currency depreciated against the US Dollar yesterday by 0.11 per cent or 50 Kobo to close at N436.50/$1 compared with the preceding day’s N436.00/$1 amid an increase in the value of trades recorded at the spot market.

Data from the FMDQ Securities Exchange showed that FX transactions yesterday stood $82.33 million, 30.6 per cent or $19.28 million higher than the $63.05 million recorded in the preceding session.

In the interbank segment, the Naira, however, gained against the Pound Sterling by N5.16 to wrap up at N488.34/£1 versus N493.50/£1 and against the Euro, it appreciated by 55 Kobo to close at N422.56/€1 versus the previous day’s value of N422.56/€1.

In the parallel market, the exchange rate of the local currency to its American counterpart remained unchanged yesterday at N702/$1.

Meanwhile, the cryptocurrency market recorded a bullish outcome as eight of the 10 coins tracked by Business Post pointed north, with Ethereum (ETH) gaining 8.8 per cent to sell at $1,636.97.

Binance Coin (BNB) recorded a 6.5 per cent appreciation to trade at $279.73, Litecoin (LTC) gained 6.4 per cent to trade at $56.93, Solana (SOL) jumped 6.1 per cent to sell at $32.65, Ripple (XRP) recorded a 5.4 per cent improvement to trade at $0.3337, Dogecoin (DOGE) added 4.4 per cent to trade at $0.0611, Cardano (ADA) recorded a 4.0 per cent climb to sell at $0.4772, and Bitcoin (BTC) made a 3.1 per cent gain to sell at $19,291.82.

Still, both US Dollar Tether (USDT) and Binance USD (BUSD) retained parity in their values as they were sold for $1.00.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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