Naira Now N748/$1 at P2P, N740/$1 at Black Market

October 19, 2022
Black Market

By Adedapo Adesanya

The Nigerian Naira depreciated against the United States Dollar at the Peer-to-Peer (P2P) and black market segments of the foreign exchange (forex) market on Tuesday, October 18.

However, it closed flat against the greenback during the session at N441.25/$1 in the official market segment, which is the Investors and Exporters (I&E), amid an increase in the demand for FX at the spot market.

Data from the FMDQ Securities Exchange showed that the value of forex transactions at the NAFEX window was $74.33 million compared with the $46.21 million recorded at the session, representing an increase of $28.12 million or 60.9 per cent.

In the P2P forex window, the value of the Nigerian currency to the Dollar slid by N1 as it closed at N748/$1 yesterday compared with the previous trading day’s N747/$1.

Also, in the parallel market, the local currency depreciated against its American counterpart on Tuesday by N1 to quote at N740/$1 in contrast to the N739/$1 it was exchanged a day earlier.

Similarly, the Naira depreciated against the Pound Sterling in the interbank market on Tuesday by N2.96 to sell for N494.31/£1 versus Monday’s N491.35/£1, and against the Euro, it weakened by N4.49 to end at N429.38/€1 compared with the previous day’s N424.89/€1.

It was observed that the cryptocurrency market recorded a heavy slide yesterday as eight of the 10 digital coins tracked by Business Post lost points, with Solana (SOL) going down by 3.7 per cent to sell at $29.99.

Cardano (ADA) recorded a 3.1 per cent decrease to quote at $0.3594, Ripple (XRP) saw a 2.9 per cent drop to trade at $0.4619, Ethereum (ETH) fell by 2.3 per cent to sell at $1,303.99, Bitcoin (BTC) slumped by 1.5 per cent to settle at $19,285.85, Binance Coin (BNB) recorded a 0.8 per cent depreciation to trade at $272.41, Litecoin (LTC) dropped 0.5 per cent to sell at $51.59, while Dogecoin (DOGE) lost 0.1 per cent to trade at $0.0598.

Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 each during the session.

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.

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