Naira Sells N760/$1 at Parallel Market, N769/$1 at P2P

October 25, 2022
Naira parallel market

By Adedapo Adesanya

The Naira performed badly against the United States Dollar in the various segments of the foreign exchange (forex) on Monday amid a continuous shortage of FX in the country.

Business Post reports that the Naira lost different amounts against the greenback in the Peer-to-Peer (P2P) and the parallel market windows but closed stronger at the Investors and Exporters (I&E) segment.

In the P2P, the value of the local currency fell by N11 to trade at N769/$1 compared with the preceding session’s N758/$1 and at the black market, it depreciated by N8 to close at N760/$1 in contrast to last Friday’s N752/$1.

But the local currency appreciated against the American currency yesterday by 29 Kobo or 0.07 per cent in the I&E market window to settle at N441.38/$1 versus N441.67/$1.

Data from FMDQ Securities Exchange disclosed that the FX turnover for the segment was $39.47 million, $29.04 million or 42.4 per cent lower than the $68.51 million achieved last Friday.

In the interbank segment, the Naira witnessed beatings against the Pound Sterling and the Euro.

It lost 63 Kobo against the British currency during the session to close at N492.88/£1 compared with the preceding session’s N492.25/£1 as the Pound Sterling begins to gain ground after the emergence of Mr Rishi Sunak as the Prime Minister of the United Kingdom. The local currency depreciated by N1.31 against the Euro on Monday to quote at N430.46/€1 versus N429.15/€1.

In the cryptocurrency market, it was a mixed basket as Cardano (ADA) recorded a 1.8 per cent rise to trade at $0.3625, Dogecoin (DOGE) made a 0.9 per cent appreciation to sell at $0.0604, Binance Coin (BNB) added 0.2 per cent to sell for $274.43, and Ethereum (ETH) saw its value go up by 0.1 per cent to $1,347.66.

But Ripple (XRP) slumped by 1.8 per cent to trade at $0.449, Litecoin (LTC) went down by 0.9 per cent to $52.85, Solana (SOL) depreciated by 0.4 per cent to $28.49, as Bitcoin (BTC) lost 0.1 per cent to close at $19,354.68.

However, the US Dollar Tether (USDT) and Binance USD (BUSD) traded 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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