Naira Sells N742/$1 at P2P, N736/$1 at Black Market, N462.88/$1 at I&E

April 12, 2023
old Naira notes

By Adedapo Adesanya

The Naira appreciated against the United States Dollar in the different segments of the foreign exchange (FX) market on Tuesday amid the lingering forex liquidity crisis in Nigeria.

Business Post reports that the Naira closed stronger against the greenback yesterday in the black market, the Peer-2-Peer (P2P), and the Investors and Exporters (I&E) windows after the Easter break.

The local currency was exchanged with its American counterpart during the session at N742/$1 compared with the preceding session’s rate of N748/$1, indicating an appreciation of N6 or 0.80 per cent.

In the I&E segment of the market, the Nigerian currency was fortified against the US Dollar by 37 Kobo or 0.08 per cent to trade at N462.88/$1 versus last Thursday’s value of N463.25/$1, amid a 20.3 per cent or $20.55 million shortfall in the value of forex transactions in the FX market window to $80.90 million from $101.45 million.

Similarly, the Naira gained N2 or 0.27 per cent against the greenback on Tuesday to quote at N736/$1, in contrast to the preceding session’s exchange rate of N738/$1.

In the same vein, in the interbank segment, the domestic currency depreciated against the Pound Sterling yesterday by N23.93 to trade at N573.03/£1, in contrast to the previous session’s N551.10/£1, and against the Euro, it lost N13.14 to quote at N502.11/€1 versus last Thursday’s N488.97/€1.

In the cryptocurrency market, the bears dominated as investors await Wednesday’s US consumer price index (CPI) report for March and Ethereum’s Shapella upgrade.

Bitcoin (BTC) slid below a 10-month peak of $30,000 following a 0.1 per cent loss to close at $29,947.18, while Ethereum (ETH) saw its value go down by 2.6 per cent to $1,867.00.

Litecoin (LTC) went down by 4.6 per cent to trade at $91.66, Dogecoin (DOGE) slumped by 3.4 per cent to $0.0817, Ripple (XRP) dropped 3.2 per cent drop to settle at $0.5078, Cardano (ADA) slid by 2.9 per cent to $0.3932, and Binance Coin (BNB) fell by 2.7 per cent to sell for $318.76.

However, Solana (SOL) gained 2.6 per cent to finish at $22.76, while the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 each.

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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