Naira Exchanges For Over N750/$ At P2P Market

The Nigerian currency fell further to N752 per dollar at the peer-to-peer market as the forex crisis hitting the country continues to bite hard, OduNews reports.

The renewed scarcity of forex in the financial system in the country contributed to the weakening of the domestic currency in the currency market yesterday. The Central Bank of Nigeria (CBN) is finding it difficult to defend the Naira in the market due to a shortage in FX supply.

At the Investors & Exporters Window (I&E), the naira exchanged for N436.50/$1 in contrast to last Friday’s value of N436.25/$1.

FX traders were unable to meet the demands of their customers yesterday despite the low trading value. Forex valued at $41.02 million were traded during the session, 11.2 per cent lower than the $46.17 million recorded in the preceding session.

In the black market, the local currency depreciated against the American currency on Monday by N2 to settle at N713/$1 compared with N711/$1.

However, in the interbank window, the Naira gained N4.09 against the Pound Sterling to finish at N489.31/£1 versus N493.40/£1 and lost 76 Kobo against the Euro to quote at N429.58/€1 versus N428.82/€1.

In the crypto market, transactions were mixed as Solana (SOL) jumped 4.9 per cent to $32.87, Ethereum (ETH) grew by 1.8 per cent to $1,361.20, Binance Coin (BNB) expanded by 1.2 per cent to $269.40, Dogecoin (DOGE) improved by 1.1 per cent to $0.0585, Cardano (ADA) chalked up 0.9 per cent to sell at $0.4535, while Bitcoin (BTC) increased by 0.14 per cent to $19,541.56.

But Litecoin (LTC) slumped by 3.1 per cent to trade at $52.30, Ripple (XRP) recorded a 0.8 per cent loss to trade at $0.3849, while the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00, respectively.