Naira crashes to 621 naira – 1 dollar at peer-to-peer market

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.

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.

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.