Naira Trades N747/$1 at P2P, N739/$1 at Black Market, N441.25/$1 at I&E

October 18, 2022

By Adedapo Adesanya

There was a sigh of relief in the foreign exchange (forex) market in Nigeria on Monday as the Naira appreciated against the United States Dollar at the Peer-to-Peer (P2P), black market, and the Investors and Exporters (I&E) segments.

Efforts by the Central Bank of Nigeria (CBN) to ensure FX liquidity in the market paid off during the session as the supply of Dollars eased the pressure on the domestic currency, according to observations of Business Post.

In the P2P window, the local currency appreciated against the greenback yesterday by N1 to trade at N747/$1 compared with last Friday’s value of N748/$1.

Also, in the parallel market, which the CBN still has a problem with, the exchange rate of the Nigerian currency to its American counterpart was N739/$1 in contrast to the previous session’s N745/$1.

Similarly, the local currency gained against the American Dollar by 13 Kobo or 0.03 per cent in the I&E segment to trade at N441.25/$1 compared with the preceding session’s rate of N441.38/$1.

The Nigerian Naira was strengthened in the FX market segment on Monday as the turnover significant reduced by 33.2 per cent or $22.97 million to $46.21 million from $69.18 million.

In the interbank window, the exchange rate of the Naira to the Pound Sterling and the Euro remained unchanged during the session at N491.35/£1 and N424.89/€1, respectively.

Meanwhile, the cryptocurrency market witnessed the dominance of the bulls on Monday, with Solana (SOL) gaining 2.5 per cent to finish at $31.02, and Ethereum (ETH) appreciating by 2.1 per cent to sell at $1,334.84.

Further, Bitcoin (BTC) rose by 1.7 per cent to $19,579.44, Ripple (XRP) recorded a 1.6 per cent growth to trade at $0.4671, Dogecoin (DOGE) expanded by 1.5 per cent to sell for $0.0599, Binance Coin (BNB) improved by 1.0 per cent to $274.49, Litecoin (LTC) went up by 0.9 per cent to $51.87, and Cardano (ADA) recorded a 0.8 per cent addition to trade at $0.3709.

However, Binance USD (BUSD) lost 0.1 per cent to close at $0.9999, while the US Dollar Tether (USDT) closed 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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