Value of Naira Falls at P2P, Appreciates at I&E, Stable at Black Market

By Adedapo Adesanya

The value of the Naira to the Dollar moved in different directions at the major segments of the foreign exchange (forex) market on Monday, November 21, 2022, Business Post reports.

According to data obtained by this newspaper, the Nigerian currency depreciated against the greenback at the Peer-to-Peer (P2P) window, appreciated at the Investors and Exporters (I&E) segment and maintained stability in the parallel market.

In the P2P FX category, the value of the local currency against its American counterpart fell by N4 to settle at N792/$1 compared with last Friday’s rate of N788/$1.

However, in the official forex window, the Naira appreciated against the Dollar by 29 Kobo or 0.07 per cent yesterday to close at N445.38/$1, in contrast to the preceding session’s N445.67/$1, amid a shortfall in the value of FX transactions recorded in the spot market.

According to FMDQ Securities Exchange, traders executed FX trades worth $83.57 million on the first trading day of the week as against the $98.70 million achieved last Friday, indicating a decline of $15.13 million or 15.3 per cent.

In the unofficial forex market window, the exchange rate of the domestic currency to the US Dollar remained unchanged on Monday at N780/$1.

But in the interbank segment of the market, the Naira witnessed beatings against both the Pound Sterling and the Euro.

It lost 41 Kobo against the British currency yesterday to trade at N525.64/£1, in contrast to the previous rate of N525.23/£1, and against the European currency, it fell by N1.45 to settle at N460.21/€1 versus N458.76/€1.

In the cryptocurrency market, the volatility remained, with Ethereum (ETH) losing 2.6 per cent to sell at $1,101.32, and Bitcoin (BTC) declining by 2.2 per cent to close at $15,815.26.

Further, Binance Coin (BNB) slid 1.8 per cent to $255.56, Solana (SOL) shed 1.2 per cent to finish at $11.67, Dogecoin (DOGE) witnessed a 0.8 per cent depreciation to quote at $0.0756, while Cardano (ADA) recorded a 0.6 per cent fall to trade at $0.305.

But Litecoin (LTC) went up by 3.3 per cent to trade at $62.31, Ripple (XRP) recorded a 0.2 per cent rise to $0.3576, the US Dollar Tether (USDT) rose by 0.02 to $0.999, while Binance USD (BUSD) closed flat at $1.00.