FX Shortage As Naira Weakens To N619/$1 at P2P

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The difficulty in getting foreign exchange (FX) for transactions at the official forex window, the Importers and Exporters (I&E) segment, has deepened the woes of the Naira at the Peer-2-Peer (P2P) window.

On Friday, the value of the Nigerian currency to its American counterpart depreciated by N6 or 0.98 per cent as it was traded at N619/$1 compared with the preceding day’s N613/$1.

The value of transactions stood at $78.86 million last Friday, just 2.9 per cent or $2.22 million higher than the $76.64 million reported a day earlier.

The low trades eased the pressure on the domestic currency during the trading session as it appreciated by a marginal 5 kobo or 0.01 per cent to N425.00/$1 from the previous day’s N425.05/$1.

Also, at the interbank segment, the local currency strengthened against the Pound Sterling by N5.26 to N500.65/£1 from N505.91/£1 and against the Euro, it gained N3.56 to sell at N434.03/€1 compared with Thursday’s rate of N437.59/€1.

At the parallel market, the Naira gained N5 or 0.82 per cent on the greenback to trade at N607/$1 compared with the previous day’s rate of N612/$1.

A look at the digital currency market revealed that the bears were dominant on Friday as seven of the key coins tracked by this newspaper shed weight, with Binance Coin (BNB) falling by 3.6 per cent to trade at $214.77.

Ethereum (ETH) went down by 3.3 per cent to trade at $1,034.82, Cardano (ADA) declined by 3.2 per cent to $0.4423, Solana (SOL) recorded a 3.1 per cent slump to quote at $32.04, Litecoin (LTC) depreciated by 2.7 per cent to $50.08, Bitcoin (BTC) crashed by 2.5 per cent to $19,034.61, while Ripple (XRP) depreciated 1.6 per cent to trade at $0.3105.

Conversely, TerraClassicUSD (USTC) continued its stellar growth as it rose by 26.3 per cent to $0.0565, Dogecoin (DOGE) went up by 1.2 per cent to sell at $0.0664, the US Dollar Tether (USDT) recorded a 0.02 per cent rise to $0.999.

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