Naira Now N667/$1 at P2P, N654/$1 at Black Market, N430/$1 at I&E

July 23, 2022
Nigerian Naira

By Adedapo Adesanya

The weakening of the Naira against the United States Dollar showed no signs of easing at the various segments of the foreign exchange (forex) market on Friday.

The Nigerian currency took more beatings across the market windows tracked by Business Post yesterday amid the lingering scarcity of FX in the financial system, causing speculators to have a field day as the Central Bank of Nigeria (CBN) is seen not to have any quick solution in sight.

In the Peer-to-Peer (P2P) window, the value of the Nigerian currency further depreciated against the greenback by N14 or 2.14 per cent to trade at N667/$1. Earlier in the day, it had depreciated to N665/$1.

At the Investors and Exporters (I&E) segment, the domestic currency depreciated against the American currency by 0.94 per cent or N4 to quote at N430.00/$1 compared with the previous day’s N426/$1, according to data from the FMDQ Securities Exchange.

The Naira suffered this loss despite the value of forex transactions declining by 68.0 per cent or $123.04 million to $57.79 million from the $180.83 million recorded in the preceding session.

Also, the Nigerian currency depreciated against the US Dollar by N12 or 1.87 per cent to trade at N654/$1 in contrast to the previous day’s N642/$1.

However, the local currency closed flat against the Pound Sterling and the Euro at the interbank segment at N495.99/£1 and N423.95/€1 respectively.

Meanwhile, the cryptocurrency market was in the red on Friday, with Solana (SOL) losing 3.5 per cent to sell for $41.50 and TerraClassicUSD (USTC) retreating by 2.9 per cent to quote at $0.038.

Litecoin (LTC) lost 2.1 per cent to trade at $56.85, Dogecoin (DOGE) fell by 1.4 per cent to sell for $0.06904, Ripple (XRP) recorded a 1.2 per cent loss to trade at $0.3612, Bitcoin (BTC) declined by 1.0 per cent to $22,889.73, Cardano (ADA) dropped 0.9 per cent to sell at $0.494, Ethereum (ETH) depreciated by 0.5 per cent to settle at $1,579.71, Binance Coin (BNB) moderated by 0.2 per cent to $266.48, while the US Dollar Tether (USDT) closed flat at $1.00.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Leave a Reply

crude oil market
Previous Story

Oil Market Dips as EU Tweaks Russian Energy Sanctions

Unlisted Securities Market
Next Story

Unlisted Securities Market Records 0.24% Growth

Latest from Economy

Don't Miss