Nigerian Currency Firms Against Dollar at Black Market, P2P, I&E
By Adedapo Adesanya
On Thursday, the Nigerian currency had a better outing against its United States counterpart at the various segments of the foreign exchange (FX) market.
Business Post reports that the Naira eased off the forex demand pressures it came under yesterday by gaining weight against the greenback at the black market, the Peer-to-Peer (P2P), and the Investors and Exporters (I&E) windows.
This was bolstered by the decision of Nigerians to monitor the effect of the new series of the N200, N500, and N1,000 notes unveiled a day earlier in Abuja by President Muhammadu Buhari.
According to the Central Bank of Nigeria (CBN), the new banknotes should start their journey into the financial system next month, while the old notes will end their journey on January 31, 2023.
In the P2P window yesterday, the Naira appreciated against the US Dollar by N7 to settle at N787/$1, in contrast to the previous day’s rate of N794/$1, and in the parallel market, it gained N3 to trade at N777/$1 compared with Wednesday’s value of N780/$1.
Further, in the spot market, the domestic currency improved its value against the greenback by N1 or 0.22 per cent to quote at N445.00/$1 versus the midweek’s exchange rate of N446.00/$1.
The Nigerian Naira firmed against the American currency on Thursday as the value of the FX turnover in the I&E segment remained unchanged at $145.89 million.
However, In the interbank window, the Naira closed flat against the Pound Sterling and the Euro during the session at N526.97/£1 and N455.56/€1, respectively.
In the cryptocurrency market, panic selling led to a decline in some tokens, with Bitcoin (BTC) losing 1.7 per cent to close at $16,410.32, and Ethereum (ETH) falling by 2.1 per cent to $1,176.81.
In addition, Cardano (ADA) went down by 2.8 per cent to $0.3101, Solana (SOL) dropped 2.6 per cent to sell at $13.98, Dogecoin (DOGE) declined by 1.2 per cent to $0.0814, Binance Coin (BNB) slid by 0.8 per cent to $297.35, and Litecoin (LTC) went down by 0.4 per cent to trade at $77.11.
At the gainers’ angle, Ripple (XRP) rose by 3.6 per cent to $0.3964, and the US Dollar Tether (USDT) added 0.02 per cent to sell at $0.9995, while Binance USD (BUSD) traded flat at $1.00.