Naira Weakens Against Dollar at P2P to N577/$1

By Adedapo Adesanya

The Naira depreciated against the United States Dollar for yet another day at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market on Friday, March 11, 2022.

Business Post reports that the Nigerian currency lost 0.2 per cent or N1 against the greenback at the exchange to sell for N577/$1 compared with N576/$1 it was traded on Thursday.

But at the Investors and Exporters (I&E) window of the forex market, the Naira ended the final session of the week with a 0.04 per cent or 17 kobo gain, selling at N416.50/$1 in contrast to N416.67/$1 it was traded the preceding session.

Also, the local currency closed very strong against the Pound Sterling with an appreciation of N12.46 to sell for N545.77/£1 compared to the previously traded rate of N558.23/£1 and against the Euro, the domestic currency gained N7.86 to close at 458.51/€1 in comparison to the preceding day’s N466.37/€1.

As for the digital currency market, investors had a reason to smile as the space was bullish with nine of the 10 tokens tracked by this newspaper pointing northwards.

Ripple (XRP) appreciated by 10.3 per cent to close at N498.52, Litecoin (LTC) grew by 6.0 per cent to trade at N65,928, Solana (SOL) recorded a 1.7 per cent appreciation to sell at N49,752.87, while Binance Coin (BNB) improved its value by 1.6 per cent to trade at N155,326.56.

Further, Ethereum (ETH) jumped by 1.5 per cent to sell at N1,646,089.11, Bitcoin (BTC) appreciated by 1.4 per cent to sell for N24,521,991.60, Dogecoin (DOGE) gained 0.8 per cent to trade N72.36, Cardano (ADA) recorded a 0.6 per cent growth to sell at N456.73, while the United States Dollar Tether (USDT) appreciated by 0.4 per cent to finish at N602.96.

However, Dash (DASH) lost 2.9 per cent to sell at N56,308.44.