Naira Loses Value Against Dollar at P2P, I&E, Black Market

By Adedapo Adesanya

The Naira lost its value against the United States Dollar at the various segment of the foreign exchange (forex) market on Tuesday in what seems to be the return of FX demand pressure on the nation’s currency amid a jump in inflation to a level last seen in 2005.

Data obtained by Business Post from the Peer-to-Peer (P2P), the black market and the Investors and Exporters (I&E) market windows showed that the domestic currency closed weaker yesterday.

In the P2P forex window, the value of the Nigerian currency depreciated against the greenback by N3 to N690/$1 from the previous day’s rate of N687/$1.

Also, in the parallel market, the local currency lost N1 against the US Dollar to sell for N680/$1 compared with Monday’s value of N679/$1 and in the spot market, the Naira weakened by 67 Kobo or 0.16 per cent to sell for N430.67/$1 in contrast to the preceding session’s N430.00/$1.

At the I&E segment, the value of FX transactions executed on Tuesday stood at $50.40 million, $83.90 million or 62.47 per cent lower than the $134.30 million achieved a day earlier.

However, in the interbank segment of the market, the Naira witnessed no movement against both the Pound Sterling and the Euro as it wrapped up at N509.96/£1 and N431.89/€1 respectively.

Meanwhile, the cryptocurrency market recorded a rebound as nine of the 10 tracked tokens were pointing north, with Dogecoin (DOGE) surging by 8.9 per cent to trade at $0.0865.

Litecoin (LTC) appreciated by 5.6 per cent to sell at $63.88, Ripple (XRP) recorded a 4.4 per cent gain to quote at $0.3879, Cardano (ADA) recorded a 3.9 per cent increase to settle at $0.5751, while Shiba Inu (SHIB) added 2.7 per cent to close at $0.00001635.

In addition, Solana (SOL) appreciated by 1.9 per cent to sell at $44.07, Ethereum (ETH) saw its value go up by 1.4 per cent to $1,901.79, Binance Coin (BNB) recorded a 0.7 per cent appreciation to trade at $319.12, Bitcoin (BTC) jumped by 0.3 per cent to sell at $24,068.32, while the US Dollar Tether (USDT) retained its stability at $1.00.