By Adedapo Adesanya
The Naira depreciated against the greenback at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Friday amid wobbling forex supply in Nigeria.
The value of the Naira to the Dollar fell by N6 in the P2P window yesterday, closing at N723/$1 compared to the N717/$1 it closed in the previous session.
The local currency, however, gained 8 Kobo or 0.02 per cent against the US Dollar in the Investors and Exporters (I&E) window to close at N436.25/$1 versus Thursday’s N436.33/$1.
Low demand for forex at the spot market helped the Nigerian currency gain strength during the session as the value of transactions dropped 60.9 per cent or $72.03 million to $46.17 million from $118.20 million.
In the interbank segment of the market, the Naira closed flat against the Pound Sterling and the Euro yesterday at N493.40/£1 and N428.82/€1 respectively.
It was a similar scenario at the black market on Friday, where the exchange rate of the Naira to the US Dollar remained unchanged at N711/$1.
Meanwhile, in the cryptocurrency market, seven of the 10 tokens monitored by Business Post gained weight at the close of business, with Ethereum (ETH) the only decliner as its value went down by 2.1 per cent to sell at $1,431.26.
The value of the US Dollar Tether (USDT) and Binance USD (BUSD) further closed flat at $1.00 respectively on Friday.
But Ripple (XRP) grew by 6.9 per cent to trade at $0.3486, Cardano (ADA) recorded a 2.8 per cent growth to quote at $0.4754, Litecoin (LTC) went up by 1.9 per cent to $56.54, Dogecoin (DOGE) saw a 1.8 per cent jump to finish at $0.0606, Solana (SOL) appreciated by 0.9 per cent to $32.88, Bitcoin (BTC) gained 0.7 per cent to sell for $19,875.48, while Binance Coin (BNB) recorded a 0.6 per cent rise to sell at $276.50.
Dipo Olowookere