Naira Falls at I&E, Appreciates at P2P, Black Market

By Adedapo Adesanya

The Nigerian Naira depreciated against the United States Dollar in the Investors and Exporters (I&E) window of the foreign exchange market on Friday by 25 Kobo or 0.05 per cent to close at N456.50/$1 compared with the exchange rate of N456.25/$1 on Thursday.

The Naira was under forex demand pressure during the session, impacting its value negatively. Transactions valued at $155.86 million were completed in the I&E window yesterday, 39.9 per cent or $44.49 million higher than the $111.37 million carried on in the preceding session.

However, in the Peer-2-Peer (P2P) arm of the FX market, the domestic currency appreciated against its American pair by N7 yesterday to settle at N756/$1, in contrast to the N763/$1 it was traded a day earlier.

Also, in the black market, the country’s legal tender improved its value against the US Dollar on Friday by N1 to trade at N743/$1 compared with the previous session’s value of N744$1.

In the interbank window, the local currency closed flat against the Pound Sterling and the Euro during the session at N541.25/£1 and N474.40/€1, respectively.

Meanwhile, in the crypto market, it was another day of losses as most of the tokens monitored by Business Post ended in the negative region, with Solana (SOL) declining by 4.8 per cent to trade at $11.33.

Dogecoin (DOGE) went southwards by 1.3 per cent to sell at $0.0773, Litecoin (LTC) depreciated by 0.7 per cent to quote at $65.51, Binance Coin (BNB) slid by 0.4 per cent to trade at $245.68, Ethereum (ETH) saw a 0.3 per cent depreciation to settle at $1,218.80, Cardano (ADA) went down by 0.08 per cent to finish at $0.2593, and Bitcoin (BTC) fell by 0.05 per cent to $16,846.73.

But Ripple (XRP) rose by 0.9 per cent to trade at $0.3525, while the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 each.