Naira weakens to N758 at I&E, N954 at P2P, and N950 per $1 at Black Market – Wednesday, September 13, the Naira weakened against the US Dollar in the Investors and Exporters (I&E), black market, and Peer-to-Peer (P2P) windows of the foreign exchange (forex) market.
This was exacerbated by the lack of foreign exchange entering the system as the government attempts to turn the tide.
In the I&E segment, the domestic currency reversed its fortune in the previous session on Tuesday and fell by 2.2 per cent or N16.02 to close at N758.12/$1 versus the previous day’s N742.10/$1, amid a rise of 25.1 per cent or $10.61 million in the value of FX trades in the official market.
According to data from the FMDQ Securities Exchange, the turnover for the trading session increased to $52.87 million from $42.26 million in the previous session.
On the parallel market, the Naira depreciated by N30 against the Dollar yesterday, trading at N950/$1 compared to N930/$1 on Tuesday.
Also, during the P2P segment, the local currency lost N2 against the US dollar, closing at N954/$1 as opposed to N952/$1 a day earlier.
On the spot market, the Nigerian naira lost N27.61 to close at N964.72/£1 against the previous rate of N937.11/£1, and against the Euro, it lost N23.67 to sell at N827.11/€1 versus N803.44/€1 on Tuesday.
On the cryptocurrency market, the majority of tokens increased after the judge supervising the bankruptcy proceedings of the defunct digital asset exchange FTX gave the exchange permission to sell billions of dollars’ worth of crypto assets.
Wednesday, US Bankruptcy Court for the District of Delaware Judge John Dorsey authorised the defunct crypto brand to sell $3.4 billion in Solana (SOL), Ethereum (ETH), Bitcoin (BTC), and other assets.
SOL exhibited the greatest increase with a 5% increase to $18.75, followed by Bitcoin (BTC) with a 1.4% gain to $26,266.67 and Ethereum (ETH) with a 2.1% increase to $1,617.
Further, Litecoin (LTC) went up by 3.8 per cent to trade at $62.18, Ripple (XRP) recorded a 1.0 per cent appreciation to quote at $0.4811, Cardano (ADA) also grew by 1.0 per cent to $0.24673, Dogecoin (DOGE) made a 0.9 per cent rise to sell at $0.0613, Binance Coin (BNB) improved by 0.8 per cent to $211.72, Binance USD (BUSD) jumped by 0.06 per cent to $1.00, and the US Dollar Tether (USDT) increased by 0.05 per cent to $1.00.