Naira Falls to N708/$1 at P2P, N693/$1 at Black Market
By Adedapo Adesanya
The Naira depreciated against the US Dollar by N8 or 1.14 per cent at the Peer-to-Peer (P2P) segment of the foreign exchange (forex) market on Thursday, August 25.
At the market window, the exchange rate of the Nigerian currency to the greenback closed at N708/$1 compared to N700/$1 on record at the previous session.
Also, the local currency fell against the American currency at the black market yesterday by N2 or 0.29 per cent to settle at N693/$1 in contrast to the previous day’s N691/$1.
However, the domestic currency found comfort against its US counterpart at the Investors and Exporters ((I&E) window of the FX market, appreciating by 33 Kobo or 0.08 per cent to sell for N430.67/$1 versus Wednesday’s exchange rate of N431.00/$1.
This came as the daily turnover for the session waned by 37.0 per cent or $48.76 million to $82.88 million from the $131.64 million reported for the previous day.
But the Naira lost N2.69 against the Pound Sterling in the interbank segment to close at N500.22/£1 versus N497.53/£1 and against the Euro, it lost N2.30 to close at N421.69/€1 in contrast to Wednesday’s rate of N419.39/€1.
Meanwhile, in the cryptocurrency market, the bulls took control, with Cardano (ADA) growing by 1.8 per cent to trade at $0.4678 and Dogecoin (DOGE) expanding by 1.1 per cent to quote at $0.0691.
Binance Coin (BNB) recorded a 1.0 per cent gain to sell at $299.45, Ethereum (ETH) saw its value go up by 0.9 per cent to close at $1,687.06, Ripple (XRP) recorded a 0.6 per cent rise to trade at $0.3478, Bitcoin added 0.4 per cent to trade settle at $21,559.76, while Litecoin (LTC) went up by 0.3 per cent to trade at $56.38.
But Solana suffered a decline of 0.4 per cent to close at $35.13, while the US Dollar Tether (USDT) closed flat at $1.00 as Binance USD (BUSD) also remained unchanged at $1.00.