Naira Strengthens Against Dollar at P2P, I&E

By Adedapo Adesanya

The Naira appreciated against the Dollar at the Peer-to-Peer (P2P), the black market, and the Investors and Exporters (I&E) windows of the foreign exchange (FX) market on Thursday, November 17.

In the P2P segment, the value of the local currency strengthened by N12 or 1.5 per cent to trade at N798/$1 compared with the previous day’s value of N810/$1.

In the parallel market, the domestic currency appreciated against the greenback by N15 to sell for N785/$1, in contrast to Wednesday’s rate of N800/$1.

Furthermore, in the I&E market, the Nigerian currency gained 92 Kobo or 0.21 per cent against its American counterpart yesterday to quote at N445.67/$1 compared with the preceding day’s N446.67/$1.

The Naira added more weight during the session amid a double-digit rise in the demand for forex at the spot market by 40.0 per cent or $34.59 million to $121.00 million versus the $86.41 million recorded a day earlier, according to data from FMDQ Securities Exchange.

However, in the interbank segment of the market, the Nigerian Naira suffered losses against the Pound Sterling and the Euro, losing N1.59 against the former to close at N525.36/£1 compared with the previous day’s N526.95/£1, and depreciated against the latter by 79 Kobo to settle at N461.45/€1, in contrast to the N460.66/€1 it was tarded in the midweek session.

Meanwhile, the cryptocurrency market remained under pressure on Thursday after the FTX crisis gave the ecosystem jitters about its future, with Solana (SOL) dropping 3.8 per cent to sell at $13.68. Ripple (XRP) recorded a 1.01 per cent slump to trade at $0.3797, and Cardano (ADA) recorded a 0.5 per cent slide to quote at $0.3286.

But Litecoin (LTC) went up by 8.0 per cent to trade at $62.80, Bitcoin (BTC) grew by 1.7 per cent to close at $16,830.29, Ethereum (ETH) appreciated by 1.0 per cent to sell at $1,220.67, Binance Coin (BNB) rose by 0.8 per cent to finish at $271.86, and Dogecoin (DOGE) expanded by 0.3 per cent to $0.0858, while the US Dollar Tether (USDT) and Binance USD (BUSD) remained flat at $1.00 each.