Naira Exchanges N752/$1 at P2P, N740/$1 at Unofficial Market

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By Adedapo Adesanya

The Naira closed weaker against the American Dollar at the Peer-to-Peer (P2P) window of the foreign exchange (forex) market on Friday, losing N3 to trade at N752/$1 compared with Thursday’s value of N749/$1.

Also, in the unofficial market, the value of the Naira to the US currency declined by N5 to trade at N740/$1 in contrast to the N735/$1 it was transacted a day earlier as politicians begin to mop up the available greenbacks in the system.

However, it was a different story at the Investors and Exporters (I&E) window as the Naira maintained stability against the Dollar yesterday at N437.03/$1.

The turnover for the trading session, according to data from the FMDQ Securities Exchange, was very low as only $45.89 million worth of forex exchanged hands, 79.4 per cent or $177.41 million lower than the $223.30 million reported at Thursday’s session.

In the same vein, in the interbank segment of the market, the Nigerian Naira witnessed a stalemate against the Pound Sterling and the Euro, closing at N469.88/£1 and N420.75/€1, respectively.

Meanwhile, seven of the 10 digital coins tracked in the cryptocurrency market came under pressure on Friday, with Ripple (XRP) losing 3.1 per cent to trade at $0.4842, and Solana (SOL) recording a 1.9 per cent slide to sell at $33.30.

Cardano (ADA) went down by 1.1 per cent to settle at $0.4309, Litecoin (LTC) depreciated by 0.9 per cent to trade at $53.33, Ethereum (ETH) saw its value go down by 0.5 per cent to sell at $1,328.27, Binance Coin (BNB) slid by 0.4 per cent to finish at $281.68, and Bitcoin (BTC) lost 0.3 per cent to close at $19,408.61

However, the value of Dogecoin (DOGE) appreciated in the market yesterday by 2.0 per cent to trade at $0.0617, while Binance USD and the US Dollar Tether (USDT) remained unchanged at $1.00, respectively.

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