Naira crashes to N621/$1 at peer-to-peer market

For a Nigerian trying to buy a dollar at the peer-to-peer exchange platform, you need at least N620 or more depending on the amount you need and the time of purchase.

As at the end of trading on Tuesday evening, data showed Naira lost N4 or 0.65 per cent against the US currency to trade at N621/$1 compared with the preceding session’s N617/$1

Street traders also depreciated the Naira by N4 or 0.66 per cent to settle at N609/$1 in contrast to Monday’s value of N605/$1.

Read also: Naira drops to N620/$1 at black market as pilgrims prepare to travel

However at the FMDQ Securities Exchange where Naira is officially traded it closed at N421/$1 same rate as Monday.

The stability was due to availability of forex as traders exchanged $206.65 million worth of transactions compared with the $152.96 million recorded on Monday.

Similarly, CBN data shows that in the interbank segment of the market, the value of the domestic currency against the Pound Sterling remained unchanged at N509.82/£1 and it was a similar situation against the Euro as it closed flat at N439.49/€1 yesterday.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now