Naira Fall to N576/$1 at P2P, N416.67/$1 at Spot Market
By Adedapo Adesanya
It was a weaker outcome for the Naira against the United States Dollar as it depreciated at the Peer-2-Peer (P2P) window of the foreign exchange market on Thursday, March 10.
The local currency wrapped the session at N576/$1 after N1 or 0.17 per cent versus N575/$1 it was quoted at the preceding session.
Equally, at the Investors and Exporters (I&E) window, the Naira depreciated against the US Dollar by 0.04 per cent or 17 kobo to sell at N416.67/$1 in contrast to the previous day’s exchange rate of N416.50/$1, according to data obtained from FMDQ Securities Exchange.
At the official exchange rate window, the local currency remained flat against the British Pound Sterling and the Euro on Thursday as the value of the Naira closed at N558.23/£1 against the Pounds and against the Euro, it closed at N466.37/€1.
Meanwhile, at the cryptocurrency market, it was bearish as eight of the 10 digital assets monitored by Business Post were in the red, with Binance Coin (BNB) retreating by 1.8 per cent to N153,270.87.
Bitcoin (BTC) recorded a 1.7 per cent loss as it traded at N24,622,449.00, Solana (SOL) also saw a 1.7 per cent depreciation to sell at N56,129.28, Ethereum (ETH) saw a 1.6 per cent depreciation to trade at N1,660,259.00, Dash (DASH) depreciated by 1.2 per cent to trade at N59,108.270, Cardano (ADA) went down by 0.7 per cent to trade at N464.90, Litecoin (LTC) saw its value drop 0.4 per cent to sell at N66,330.00, while Dogecoin (DOGE) made a 0.3 per cent loss to close at N67.55.
The two gainers were led by Ripple (XRP) with a growth of 1.5 per cent to exchange at N589, while the US Dollar Tether (USDT) appreciated by 0.2 per cent to sell for N592.95.