Naira Trades N710/$1 at P2P, $702/$1 at Black Market
By Adedapo Adesanya
The Naira depreciated by 1.4 per cent or N10 against the United States Dollar on Monday, August 28 at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market.
The local currency was exchanged for the US Dollar at the market window yesterday at N710/$1 compared with the N700/$1 it was transacted at the preceding session.
Also, in the black market, the domestic currency traded against the greenback on the first trading session of the week at N702/$1 compared with the previous session’s rate of N692/$1, indicating a decline by N10 or 1.45 per cent.
However, at the Investors and Exporters (I&E) segment, the Naira maintained stability against its American counterpart, closing at N430.33/$1 amid a $28.25 million or 34.29 per cent moderation in the value of forex transactions during the session.
Business Post reports that the turnover for the trading day stood at $54.13 million as against the $82.38 million reported last Friday.
Meanwhile, at the interbank window of the market, the domestic currency appreciated by N4.83 against the British Pound Sterling to trade at N495.39/£1 compared to the previously traded rate of N500.22/£1 and against the Euro, the indigenous currency lost N1.56 to sell at N423.25/€1 compared with the previous session’s N421.69/€1.
As for the cryptocurrency market, Bitcoin returned to the $20,000 region, while Ethereum traded above $1,500 as the global cryptocurrency market cap rose 4.2 per cent to $985.55 billion.
Bitcoin (BTC) jumped by 3.0 per cent to sell at $20,395.07, Ethereum (ETH) improved by 9.2 per cent to quote at $1,580.78, Solana (SOL) appreciated by 7.6 per cent to $32.74, Cardano (ADA) recorded a 4.7 per cent increase to sell at $0.4535, and Dogecoin (DOGE) made a 3.8 per cent rise to trade at $0.0641.
Binance Coin (BNB) gained 3.6 per cent to trade at $288.90, Ripple (XRP) recorded a 2.6 per cent growth to sell for $0.332, and Litecoin (LTC) climbed higher by 2.1 per cent to settle at $55.74.
But the prices of Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at $1.00 each yesterday.