Pressure Eases on Naira Against Dollar at P2P FX Market
By Adedapo Adesanya
The pressure on the Naira at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market seems to be easing gradually as the local currency further gained N1 against the United States Dollar on Wednesday, March 23.
Business Post reports that at the unofficial exchange rate segment, the value of the domestic currency to the greenback yesterday was N581/$1 compared with the N582/$1 it was exchanged on Tuesday.
However, at the Investors and Exporters (I&E) segment, the Nigerian currency neither gained nor lost at the midweek session as it traded flat against the American currency at N417/$1.
At the over-the-counter, the exchange rate of the Naira to the British Pound Sterling was in favour of the former as it gained 96 kobo to trade at N549.66/£1 compared to the previously traded rate of N550.62/£1, while it appreciated by 54 kobo against the Euro to settle at N457.63/€1 in contrast to the preceding day’s N458.17/€1.
At the cryptocurrency market, the coffers of investors expanded on Wednesday following the gains posted by the digital currencies in the ecosystem as seven of the 10 tokens monitored by this newspaper across various trading platforms increased in value.
Cardano (ADA) recorded an 11.9 per cent rise to sell at N652.62, Dogecoin (DOGE) grew by 11.8 per cent to trade N81.96, Solana (SOL) appreciated by 4.8 per cent to settle at N56,280.85, Ethereum (ETH) improved its value by 2.0 per cent to sell at N1,748,699.11, Bitcoin (BTC) witnessed a 1.3 per cent appreciation to finish at N25,124,999.56, Ripple (XRP) appreciated by 0.8 per cent to N501.90, while Binance Coin (BNB) rose by 0.4 per cent to trade at N170,012.64.
Conversely, Dash (DASH) suffered a 3.2 per cent loss to sell at N74,638.63, the United States Dollar Tether (USDT) recorded a 0.2 per cent fall to quote at N592.94, while Litecoin (LTC) went south by 0.1 per cent to trade at N72,679.55.