Naira Falls 0.2% to N575/$1 at P2P FX Market

March 8, 2022
Naira at P2P Market

By Adedapo Adesanya

The Naira depreciated at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market by 0.2 per cent or N1 against the United States Dollar on Monday, March 7.

Data obtained by Business Post showed that at the P2P FX market yesterday, the exchange rate of the local currency closed at N575/$1 compared with the previous session’s value of N574/$1.

At the cryptocurrency market, investors counted more losses as six of the 10 digital assets were in the negative territory, with Cardano (ADA) losing 2.1 per cent to trade at N572.77 and Dogecoin (DOGE) declining by 1.3 per cent to close at N95.24.

Ethereum (ETH) went down by 0.3 per cent to trade at N1,587,900.00, Ripple (XRP) also depreciated 0.3 per cent to close at N489.50, Litecoin (LTC) declined by 0.1 per cent to sell at N65,827.50, while the US Dollar Tether (USDT) also declined by 0.1 per cent to sell for N587.36.

On the other hand, Dash (DASH) appreciated by 3.1 per cent to trade at N50,607.55, Binance Coin (BNB) rose by 2.1 per cent to N158,816.95, Bitcoin (BTC) recorded a 0.7 per cent rise as it traded at N22,772,709.00, while Solana (SOL) improved by 0.2 per cent to sell at N56,280.95.

Meanwhile, at the Investors and Exporters (I&E) window of the forex market, the Naira ended the opening session with a growth of 0.04 per cent or 17 kobo against the American currency to quote at N416.50/$1 compared with N416.67/$1 it traded last Friday.

Low FX trades at the I&E supported the strengthening of the domestic currency at the trading session as the turnover declined by $13.19 million or 11.4 per cent to $102.07 million from $115.26 million.

Also, the Naira appreciated against the Pound Sterling by N4.57 at the official exchange rate window in Nigeria to trade at N548.57/£1 in contrast to the previous trading day’s value of N553.14/£1.

Similarly, the Nigerian currency appreciated against the Euro yesterday by N4.29 to settle at N452.69/€1 compared with N456.98/€1 of the preceding trading day.

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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