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Naira crashes to N622/$1 at Peer-to-Peer market

Naira continued to suffer a serious beating in the unregulated foreign exchange markets, no thanks to supply disruption and bottlenecks getting from banks.

Data from the peer-to-peer (P2P) window on Wednesday, showed the Nigerian currency was exchanged with the greenback at N622/$1 compared with the previous day’s rate of N615/$1, indicating a depreciation of N7 or 1.14 per cent.

At the black market, traders who spoke to Ripples Nigeria said Naira traded N605/$1 compared with the N603/$1 it was exchanged on Tuesday.

Also, at the Investors and Exporters (I&E) segment, the Naira depreciated by 23 kobo or 0.05 per cent to N420.50/$1 in contrast to the previous day’s N420.27/$1, according to data from the FMDQ Securities Exchange.

Read also: Naira appreciates across all markets against dollar as FX supply rises

The platform revealed that the value of FX transactions at the I&E window yesterday went down by $36.07 million or 33.4 per cent to $71.99 million from the $108.06 million reported in the preceding session.

However, the local currency strengthened against the Pound Sterling and the Euro at the interbank segment of the forex market on Wednesday as it gained N1.07 on the former to trade at N508.85/£1 compared to the previously traded rate of N509.92/£1 and appreciated against the latter by N1.72 to N437.08/€1 from the preceding session’s N438.80/€1.

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Read More : Naira crashes to N622/$1 at Peer-to-Peer market

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