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.