Naira declines to N941/$1 at P2P, N932/$1 at Black Market, and N773.50/$1 at I&E – On Monday, September 11, the Nigerian Naira had a poor start versus the US dollar in the foreign currency market due to a resurgence of FX demand pressure and fund illiquidity, notwithstanding recent actions taken by the Central Bank of Nigeria (CBN).
The Naira lost 7.1%, or N37.88, of its value versus the US dollar in the Investors and Exporters (I&E) segment of the foreign exchange market, selling for N773.50/$1, down from N736.62/$1 in the previous session.
A lack of foreign exchange supply made it more difficult for dealers to meet the demand for the foreign currency, which exacerbated the weakness of the local currency at the official market. As a result, turnover was $37.86 million, or $55.69 million, less than the $153.55 million reported last Friday.
Additionally, the Nigerian Naira dropped N8 versus the US dollar yesterday in the Peer-to-Peer (P2P) window, trading at N941/$1, as opposed to N933/$1 the day before.
In a similar vein, the value of the national currency fell N3 against its US equivalent on Monday’s parallel market, closing at N932/$1, down from last Friday’s value of N929/$1.
The situation with the Pound Sterling was similar; the Naira lost N10.80 in the spot market and ended at N967.55/£1, down from N956.75/£1 in the previous session. Similarly, it lost N26.33 million against the Euro, trading at N829.48/€1 as opposed to N803.15/€1.
Examining the digital currency market revealed that the bears gained ground when they were put under pressure by rumours that the defunct FTX exchange would shortly be selling its $3.4 billion worth of cryptocurrency holdings.
In the final moments of trading, Bitcoin (BTC) dropped 0.4% to close at $25,760.64, Ethereum (ETH) fell 2.2% to $1,579.59, Ripple (XRP) fell 3.0% to trade at $0.4748, Litecoin (LTC) fell 3.0% to $59.64, Solana (SOL) fell 2.1% to sell at $17.95, and Binance Coin (BNB) fell 1.4% to $209.12.
In addition, Dogecoin (DOGE) lost 0.31 percent to trade at $0.0612, Cardano (ADA) down 1.0 percent to $0.2456, Tether (USDT) fell 0.01 percent to $0.9999, while Binance USD (BUSD) stayed steady at $0.9996.
