Naira Loses at Peer-to-Peer, Gains at Parallel Market

By Adedapo Adesanya

The Naira appreciated against the US Dollar in the parallel market on Tuesday by N3 to settle at N767/$1 compared with the N770/$1 it was traded on Monday.

It was also the same outcome at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market yesterday, where the domestic currency gained 17 Kobo or 0.04 per cent against the greenback to close at N461.33/$1 compared with the preceding session’s rate of N461.50/$1.

This happened amid a slight increase in the demand for forex recorded in the official market. Data showed that the FX turnover for the day was $48.28 million, 19.8 per cent or $8.00 million higher than the $40.28 million recorded a day earlier.

In the Peer-to-Peer (P2P) arm of the market, the Nigerian currency, however, depreciated against its American counterpart during the session by N1 to trade at N769/$1, in contrast to Monday’s value of N768/$1.

In the same vein, the Naira witnessed heavy beatings against the Pound Sterling and the Euro in the interbank window of the forex market.

Business Post reports that the domestic currency lost N7.71 against the British currency to close at N557.82/£1 versus its previous rate of N550.11/£1 and against the European nations’ currency, it weakened by N1.40 to sell at N491.07/€1 versus Monday’s closing rate of N489.67/€1.

In the cryptocurrency market, there was a red wave across the tokens tracked by this newspaper as the ecosystem remained underpinned by good performance surveys in top economies.

Bitcoin fell by 2.8 per cent to sell at $24,219.22, Ethereum (ETH) shed 3.1 per cent to quote at $1,650.46, Solana (SOL) made a 6.4 per cent fall to finish at $24.45, Dogecoin (DOGE) went down by 3.6 per cent to $0.0885, and Cardano (ADA) deflated by 3.5 per cent to $0.3885.

Further, Binance Coin (BNB) lost 2.1 per cent to settle at $308.96, Ripple (XRP) recorded a 1.3 per cent decline to trade at $0.3901, and Litecoin (LTC) depreciated by 1.2 per cent to $95.05, while the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.