Naira Plunges to N707 Per Dollar at P2P FX Segment

July 28, 2022
naira and dollar

By Adedapo Adesanya

The Naira continued its downwards movement against the United States Dollar at the Peer-to-Peer (P2P) window of the foreign exchange (forex) market as it sold for N707/$1 on Wednesday, July 27 compared with the previous day’s N688/$1, indicating a decline of N19 or 2.76 per cent.

Also, in the black market, the Nigerian Naira depreciated yesterday by N34 or 5.07 per cent to sell at N705/$1 compared with Tuesday’s exchange rate of N671/$1.

However, at the Investors and Exporters (I&E) segment of the FX market, the local currency gained 0.23 per cent or N1 to sell at N430/$1 compared with the preceding day’s N431/$1, according to data obtained from the FMDQ Securities Exchange.

This came amid an increase in demand for forex during the session as trades worth $126.69 million were carried out at the official FX market segment, $68.66 million or 118.3 per cent higher than the $58.03 million quoted at the Tuesday session.

In the interbank segment of the market, the Naira witnessed a loss against the British currency – the Pound Sterling by N1.22 to close at N498.66/£1 versus the previous day’s N497.44/£1 and against the Euro, the Nigerian currency gained N1.76 to sell for N421.63/€1 in contrast to Tuesday’s N423.39/€1.

Meanwhile, nine of the 10 benchmarked tokens appreciated on Wednesday as the United States central bank, the Federal Reserve, maintained the 75 basis point interest hike for the second month, leading investors to sway to the risky asset.

The only loser was TerraUSD (UST) as it fell by 7.1 per cent to sell at $0.037.

Ethereum recorded a 13.3 per cent gain to trade at $1,622.05, Litecoin (LTC) climbed by 10.6 per cent to trade at $59.09, Solana (SOL) grew by 10.3 per cent to $39.55, Cardano (ADA) surged by 9.5 per cent to sell at $0.5077, while Bitcoin (BTC) appreciated by 7.8 per cent to sell at $22,823.10.

In addition, Binance Coin (BNB) recorded a 6.7 per cent growth to trade at $301.67, Ripple (XRP) improved by 6.8 per cent to trade at $0.3565, Dogecoin (DOGE) went up by 6.4 per cent to quote at $0.0662, while the US Dollar Tether (USDT) recovered 0.02 per cent to sell for $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.

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