Naira Slumps at P2P, Black Market, Gains at I&E

By Adedapo Adesanya

The Naira depreciated against the United States Dollar at the Peer-2-Peer (P2P) segment of the foreign exchange (FX) market on Tuesday, May 9, byN3 to settle at N752/$1 compared with Monday’s value of N739/$1.

Also, in the black market, the Nigerian currency lost N2 against the Dollar yesterday to settle at N739/$1 compared with the previous trading day’s exchange rate of N737/$1.

However, in the Investors and Exporters (I&E) window of the forex market, the domestic currency appreciated against the greenback on Tuesday by 53 Kobo or 0.11 per cent to trade at N462.25/$1, in contrast to Monday’s value of N462.78/$1.

The value of FX transactions at the spot market slightly went up by 0.5 per cent or $490,000 to $98.84 million from the previous day’s $99.33 million.

In the interbank segment, the nation’s legal tender depreciated against the Pound Sterling yesterday by N2.05 to close at N583.14/£1 versus N581.09/£1, and lost 90 Kobo against the Euro to end the day at N508.69/€1 versus N507.79/€1.

As for the digital currency market, bearish momentum persisted as most of the tokens monitored across the crypto exchanges by Business Post were in the red.

The cryptocurrency market has been experiencing a lot of turbulence lately, with both Bitcoin and Ethereum struggling to gain momentum. Bitcoin (BTC) is currently facing bearish pressure and struggling to stay above the $27,750 support level, leading many traders to speculate whether more sell-offs are on the way.

Meanwhile, Ethereum has failed to break above the $1,850 resistance level, leaving investors wondering if there’s more downside ahead.

BTC lost 0.3 per cent to quote at $27,578.47, ETH slid by 0.2 per cent to $1,844.26, Cardano (ADA) went down by 0.6 per cent to $0.3617, Binance Coin (BNB) shrank by 0.5 per cent to $311.71, and Solana (SOL) decreased by 0.4 per cent to trade at $20.59.

On the gainers’ angle, Litecoin (LTC) appreciated by 2.7 per cent to $79.65, Dogecoin (DOGE) improved by 1.0 per cent to sell at $0.0729, and Ripple (XRP) rose by 0.3 per cent to $0.4266, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained flat at $1.00 apiece.