Naira Tumbles at Official Market, Strengthens at P2P, Black Market

May 23, 2023
materials to print more Naira notes

By Adedapo Adesanya

The Naira moved in a different direction in the various segments of the foreign exchange (FX) market on Monday, May 22, appreciating against the United States Dollar in the Peer-2-Peer (P2P) and the black market window but depreciating in the Investors and Exporters (I&E) category.

Customers exchanged their local currency for the American currency at N770/$1 in the peer-to-peer segment after it was strengthened by N3 on the previous session’s exchange rate of N773/$1.

It was a similar story in the parallel market yesterday as the domestic currency gained N1 against the greenback to settle at N757/$1 compared with the preceding session’s value of N758/$1.

But in the official market, the Nigerian Naira was weakened against the Dollar by 0.11 per cent or 50 Kobo to trade at N463.50/$1, in contrast to last Friday’s closing price of N463.00/$1.

This happened as the turnover of forex transactions closed higher by 16.4 per cent or $15.03 million to $106.84 million from the $91.81 million reported in the previous trading day, according to data from FMDQ Securities Exchange.

In the interbank segment of the market, the Naira depreciated against the Pound Sterling on Monday by 29 Kobo to close at N574.38/£1 compared to the previously traded rate of N574.09/£1.

Equally, the Naira depreciated against the Euro by just a Kobo to close at N498.95/€1, in contrast to the previously quoted rate of N498.94/€1.

In the cryptocurrency market, the bulls took charge of the landscape as investors awaited the outcome of a meeting between the US government’s top guns about the world’s largest economy’s debt ceiling.

Bitcoin (BTC) gained 2.3 per cent to close at $27,397.27, Ethereum (ETH) improved by 3.2 per cent to sell at $1,861.91, Cardano (ADA) appreciated by 2.8 per cent to $0.3721, Binance Coin (BNB) jumped by 2.6 per cent to $314.24, and Dogecoin (DOGE) also increased its value by 2.6 per cent to sell at $0.0735.

Further, Solana (SOL) rose by 1.9 per cent to $19.97, Litecoin (LTC) went up by 1.7 per cent to $92.59, and Ripple (XRP) recorded a 0.6 per cent rise to trade at $0.4663, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded flat at $1.00 each.

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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