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Naira Now N739/$1 at P2P, N725/$1 at Black Market, N445.33/$1 at I&E

The Naira maintained its stronger footing against the United States Dollar at the Peer-2-Peer (P2P) segment of the foreign exchange (forex) market on Monday, December 5.

On the first session of the new week, the domestic currency further gained N7 on the greenback at the peer-to-peer to settle at N739/$1 compared to the N748/$1 rate it was traded last Friday.

At the black market window, the nation’s legal tender appreciated against its American colleague by N5 to trade at N725/$1 yesterday, in contrast to the preceding session’s value of N730/$1.

However, in the Investors and Exporters (I&E) category, the Naira closed flat against the US Dollar at N445.33/$1 amid a depreciation in the value of FX transactions.

Data obtained from the FMDQ Securities Exchange showed that forex transactions worth $60.06 million were executed during the session as against the $159.02 million carried out last Friday, indicating a decline of 62.2 per cent or $98.96 million.

Also, at the interbank segment of the forex market, the exchange rate of the Nigerian Naira to the Pound Sterling and the Euro remained unchanged on Monday at N542.33/£1 and N464.98/€1, respectively.

As for the digital currency market, the bears took charge as they weakened the value of the cryptos monitored by Business Post yesterday.

Dogecoin (DOGE) suffered the heaviest loss as its value went down by 3.4 per cent to sell at $0.1014, Litecoin (LTC) depreciated by 2.9 per cent to close at $80.71, Ethereum (ETH) also saw a 2.9 per cent depreciation to trade at $1,261.04, and Ripple (XRP) dipped by 2.8 per cent to quote at $0.3832.

Further, Binance Coin (BNB) slid by 2.3 per cent to trade at $289.33, Cardano (ADA) followed with a 2.1 per cent loss to close at $0.3193, and Bitcoin (BTC) fell by 1.9 per cent to $17,006.89.

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