Naira Gains At Official Market, Crashes At P2P, Black Market

The value of the naira rose by 0.11% at the Investors & Exporters window of the foreign exchange market on Tuesday, OduNews reports.

Meanwhile, the currency depreciated against the United States Dollar at the Peer-2-Peer (P2P) segment of the foreign exchange (FX) market by N3 to settle at N752/$1 compared with Monday’s value of N739/$1.

Also, in the black market, the Nigerian currency lost N2 against the Dollar yesterday to settle at N739/$1 compared with the previous trading day’s exchange rate of N737/$1.

At the official market, the domestic currency appreciated against the greenback on Tuesday by 53 Kobo or 0.11 per cent to trade at N462.25/$1, in contrast to Monday’s value of N462.78/$1.

The value of FX transactions at the spot market slightly went up by 0.5 per cent or $490,000 to $98.84 million from the previous day’s $99.33 million.

In the interbank segment, the nation’s legal tender depreciated against the Pound Sterling yesterday by N2.05 to close at N583.14/£1 versus N581.09/£1, and lost 90 Kobo against the Euro to end the day at N508.69/€1 versus N507.79/€1.

The cryptocurrency market has been experiencing a lot of turbulence lately, with both Bitcoin and Ethereum struggling to gain momentum. Bitcoin (BTC) is currently facing bearish pressure and struggling to stay above the $27,750 support level, leading many traders to speculate whether more sell-offs are on the way.

Meanwhile, Ethereum has failed to break above the $1,850 resistance level, leaving investors wondering if there’s more downside ahead.

BTC lost 0.3 per cent to quote at $27,578.47, ETH slid by 0.2 per cent to $1,844.26, Cardano (ADA) went down by 0.6 per cent to $0.3617, Binance Coin (BNB) shrank by 0.5 per cent to $311.71, and Solana (SOL) decreased by 0.4 per cent to trade at $20.59.

On the gainers’ angle, Litecoin (LTC) appreciated by 2.7 per cent to $79.65, Dogecoin (DOGE) improved by 1.0 per cent to sell at $0.0729, and Ripple (XRP) rose by 0.3 per cent to $0.4266, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained flat at $1.00 apiece.