Nigerian Currency Closes Flat at NAFEX, P2P, Black Market

November 17, 2022
Nigerian Currency

By Adedapo Adesanya

The Nigerian currency traded flat against the American Dollar at the parallel market, Peer-to-Peer (P2P), and the Investors and Exporters (I&E) windows of the foreign exchange (FX) market on Wednesday, November 28.

Data showed that in the midweek session, the Naira was traded against the Dollar at N810/$1 in the peer-to-peer market and in the black market, it was stable at N810/$1 against the greenback.

Also, in the Nigerian Autonomous Foreign Exchange (NAFEX) category, the value of the domestic currency remained unchanged against the Dollar at N446.67/$1, amid a 1.8 per cent or $1.52 million increase in the value of forex trades recorded in the market window at $86.41 million compared with the preceding day’s $84.89 million.

In the interbank segment, the Naira depreciated by N5.08 against the British Pound Sterling to close at N525.28/£1, in contrast to the preceding day’s N520.28/£1, and against the Euro, it lost N6.04 to sell at N460.66/€1 compared with Tuesday’s N454.62/€1.

As for the digital currency market, the majority of the tokens crashed, with Cardano (ADA) shelling 4.1 per cent to trade at $0.3296, and Ethereum (ETH) shedding 3.9 per cent to sell at $1,207.98.

Binance Coin (BNB) dropped 3.2 per cent to quote at $269.85, Litecoin (LTC) slid by 3.2 per cent to trade at $57.66, Dogecoin (DOGE) saw a 2.7 per cent slump to trade at $0.0853, Bitcoin (BTC) shed 2.2 per cent to close at $16,545.79, Solana (SOL) fell by 1.7 per cent to $14.22, and  Ripple (XRP) recorded a 1.2 per cent drop to trade at $0.3823.

Meanwhile, the US Dollar Tether (USDT) recorded a 0.02 per cent appreciation to sell for $0.0994, while Binance USD (BUSD) retained its recent pared level of $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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