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

By Adedapo Adesanya

It was a mixed bag for the Naira at the Peer-2-Peer (P2P), black market and the Investors and Exporters (I&E) arms of the foreign exchange (FX) market on Friday, April 14.

Data indicated that the domestic currency closed stronger against the greenback in the first two market segments but was weakened in the third market window.

In the P2P category of the forex market, the value of the local currency was fortified against its American counterpart yesterday by N2 as it finished at N748/$1 compared with the previous day’s value of N750/$1.

Also, in the parallel market, the exchange rate of the Nigerian Naira to the United States Dollar closed at N740/$1 compared with Thursday’s exchange rate of N742/$1.

But in the official market, the local currency lost N1.17 or 0.25 per cent against the US Dollar on the last trading session of the week to close at N464.00/$1 versus Thursday’s exchange rate of N462.83/$1.

Data from FMDQ Securities Exchange showed that the FX turnover for the session stood at $62.16 million, 52.7 per cent or $69.17 million lower than the $131.33 million posted a day earlier.

In the interbank segment, the exchange rate of the Naira to the Pound Sterling and the Euro remained unchanged on Friday at N571.92/£1 and N503.57/€1, respectively.

In the cryptocurrency market, Bitcoin (BTC) lost 1.2 per cent to quote at $30,426.90, Ethereum (ETH) depreciated by 1.4 per cent to sell at $2,088.25, Solana (SOL) shed 4.4 per cent to finish at $24.18, Ripple (XRP) recorded a 3.7 per cent slide to trade at $0.52, and Litecoin (LTC) went down by 2.7 per cent to settle at $95.72.

Further, Dogecoin (DOGE) made a 1.9 per cent depreciation to sell at $0.089, Binance Coin (BNB) lost 1.8 per cent to trade at $329.09, and Cardano (ADA) dipped by 0.4 per cent to quote at $0.4407, while the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 each.