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

By Adedapo Adesanya

The exchange rate of the Naira to the US Dollar moved in different directions on Tuesday at the various segments of the foreign exchange (forex) market.

This occurred as FX users battle to scale through the different hurdles on their path.

In the Peer-to-Peer (P2P) window, the Nigerian currency lost N2 against the greenback yesterday to trade at N750/$1 compared with the previous day’s value of N752/$1.

But in the black market, the domestic currency appreciated against its United States counterpart by N1 to quote at N738/$1 compared with Monday’s rate of N739/$1.

Similarly, in the Investors and Exporters (I&E) side of the market, the Naira gained 20 Kobo or 0.04 per cent against the US Dollar during the session to sell at N463.30/$1, in contrast to Monday’s N463.50/$1.

This happened as the turnover for the day stood at $55.30 million, 68.5 per cent or $120.10 million lower than the $175.40 million recorded in the preceding session.

In the interbank segment, the Naira was down against the Pound Sterling yesterday by N4.23 to trade at N574.97/£1 compared with the previous day’s N570.74/£1, and against the Euro, it dipped by N1 to wrap up at N502.11/€1 versus the previous day’s N501.11/€1.

A look at the digital currency market showed renewed interest of investors in digital assets as Bitcoin (BTC) rose by 2.3 per cent to finish at $28,559.15, Ethereum (ETH) appreciated by 5.7 per cent to $1,913.02, Solana (SOL) recorded a 3.9 per cent jump to trade at $21.21, Litecoin (LTC) grew by 2.1 per cent to settle at $94.03, and Ripple (XRP) recorded a gain of 1.7 per cent to sell at $0.5061.

In addition, Binance Coin (BNB) went up by 1.6 per cent to quote at $323.15, Cardano (ADA) chalked up 1.3 per cent to finish at $0.3954, and Dogecoin (DOGE) improved its value by 0.9 per cent to sell at $0.0980, while Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 apiece.