Naira Slides To N699/$ At P2P, N664/$ At Black Market

The value of the naira against the dollar fell further to N699 per dollar on the Peer-to-peer market segment and N664 at the black market.

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Naira Slides To N699/$ At P2P, N664/$ At Black Market

In the P2P FX window, the value of the Naira to the US Dollar went down by N25 or 3.7 per cent to N699/$1 from the previous day’s rate of N674/$1 and in the parallel market, it lost N6 or 0.91 per cent to quote at N666/$1 compared with Monday’s N660/$1.

However, at the Investors and Exporters (I&E) FX segment, the Nigerian Naira swung to the positive route as it rose N2.25 or 0.5 per cent against the US Dollar to close at N428.75/$1 compared with the N431/$1 it was sold in the previous session.

Data from the Securities Exchange showed that the turnover for the session stood at $113.64 million, 1.8 per cent or $2.03 million lower than the $115.67 million of the earlier trading day.

In the interbank segment of the market, the Naira witnessed an upward movement against the Pound Sterling by 43 Kobo to sell for N507.59/£1 versus the N508.02/£1 of the preceding day and against the Euro, the local currency lost 86 Kobo to close at N429.08/€1 in contrast to Monday’s rate of N428.22/€1.

Meanwhile, the market came under pressure on Tuesday, with Solana (SOL) recording the heaviest loss, depreciating by 7.2 per cent to settle at $39.53.

Litecoin (LTC) went down by 6.6 per cent to trade at $58.57, TerraClassicUSD (USTC) further moved downward by 6.5 per cent to sell for $0.0314, Ethereum (ETH) declined by 5.7 per cent to quote at $1,678.30, Cardano (ADA) fell by 4.9 per cent to settle at $0.5094, Dogecoin (DOGE) saw a 4.7 per cent slump to trade $0.0682, Bitcoin (BTC) moved downward by 4.1 per cent to $22,911.59, Ripple (XRP) recorded a 3.9 per cent slide to sell at $0.3625, while Binance Coin (BNB) depreciated by 2.5 per cent by to trade at $317.87, with the US Dollar Tether (USDT) retaining its previous day’s value of $1.00.

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