Naira Slumps to N700/$1 at P2P, N682/$1 at Unofficial FX Segment

August 20, 2022
unofficial FX segment

By Adedapo Adesanya

The value of the Naira to the United States Dollar at the parallel market weakened on Friday, data obtained by Business Post revealed.

The exchange rate of the Naira to the greenback yesterday at the unofficial FX segment was N684/$1 compared with the N678/$1 it was exchanged on Thursday, indicating a decline of N6.

Also, at the Peer-to-Peer (P2P) window, pressure mounted on the domestic currency against the American currency, causing the former to lose N6 or 0.86 per cent to trade at N700/$1 in contrast to the previous day’s rate of N694/$1.

However, the local currency gained 33 Kobo or 0.08 per cent against the Dollar in the Investors and Exporters (I&E) segment of the forex market, closing at N429.05/$1 compared with the preceding day’s N429.38/$1.

Data from the FMDQ Securities Exchange showed that FX trades valued at $50.22 million were recorded at the session, $13.08 million or 20.7 per cent lower than the $63.30 million achieved a day earlier.

At the interbank segment, the Naira further appreciated against the Pound Sterling by N9.68 to sell for N498.56/£1 compared with Thursday’s N508.24/£1 and against the Euro, it gained N4.06 to sell for N427.82/€1 in contrast to the previous day’s N423.76/€1.

The cryptocurrency market recorded a plunge on Friday as eight of the 10 tracked tokens were pointing south as recession jitters gripped the market heavily.

Led by Ethereum (ETH), the second most valued coin saw its value plunge 10.4 per cent to sell at $1,630.44.

Bitcoin (BTC) slumped by 7.3 per cent to sell at $21,129.42, Cardano (ADA) recorded a 6.9 per cent decrease to sell at $0.4596, Ripple (XRP) recorded a 6.1 per cent fall to trade at $0.3395, while Litecoin (LTC) dropped 6.0 per cent to trade at $55.20.

In addition, Dogecoin (DOGE) slid by 5.2 per cent to trade at $0.0694, Solana (SOL) depreciated by 4.1 per cent to sell at $36.66,  Binance Coin (BNB) recorded a 2.4 per cent depreciation to trade at $285.01, while Shiba Inu (SHIB) gained 2.7 per cent to quote at $0.00001342, with the US Dollar Tether (USDT) still flat at $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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