Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated heavily against the American Dollar at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Monday as the forex crisis in Nigeria bites harder.
In the P2P window, the value of the local currency to the greenback crashed by N28 or 3.5 per cent to close at N818/$1 compared with the preceding session’s value of N790/$1.
Also, in the black market, the exchange rate of the domestic currency to its United States counterpart depreciated by N25 or 3.2 per cent to trade at N810/$1, in contrast to N785/$1 it was exchanged last Friday.
However, at the official and tightly regulated Investors and Exporters (I&E) forex market, the Nigerian appreciated against the Dollar yesterday by N1.75 or 0.39 per cent to close at N443/$1 compared with N444.75/$1 of the previous trading day.
This was at the turnover for the session declined by 35.3 per cent or $21.84 million to $40.05 million from $61.89 million.
In the interbank window, the Naira performed stronger than the Pound Sterling by 93 Kobo on Monday to close at N506.63/£1, in contrast to the preceding session’s N507.56/£1.
Equally, the Naira gained weight against the Euro in the same market segment by N3.43 to settle at N436.21/€1 compared with last Friday’s price of N439.64/€1.
Meanwhile, in the cryptocurrency market, the value of Dogecoin (DOGE) maintained an upward movement by 15.3 per cent to $0.1413.
With the takeover of Twitter by the new CEO, Mr Elon Musk, investors are banking on the possibility of the coin’s integration into the app’s payment feature.
Binance Coin (BNB) grew by 5.6 per cent to sell for $328.14, Cardano (ADA) recorded a 0.8 per cent rise to trade at $0.4071, Ripple (XRP) recorded a 0.3 per cent jump to close at $0.4593, and Ethereum (ETH) saw its value go up by 0.2 per cent to $1,591.34.
However, Solana (SOL) recorded a 1.3 per cent fall to sell at $32.70, Litecoin (LTC) went south by 0.6 per cent to trade at $54.95, Bitcoin (BTC) slid by 0.2 per cent to close at $20,515.71, and US Dollar Tether (USDT) lost 0.03 per cent to trade at $0.9999.
Binance USD (BUSD) closed flat during the session at $1.00.
