Naira Falls at P2P, Gains at I&E, Stable at Parallel Market – Business Post Nigeria

By Adedapo Adesanya
The Naira further depreciated against the American Dollar at the Peer-2-Peer (P2P) arm of the foreign exchange market on Thursday but closed stronger at the Investors and Exporters (I&E) window and maintained stability in the parallel market.
As the market continues its first trading week in the new year, there was a further N10 loss on the greenback yesterday at the P2P window to settle at N768/$1, in contrast to the N758/$1 it was traded in the preceding session.
However, in the specialised I&E window or the spot market, the Naira appreciated against the United States currency during the session by 16 Kobo or 0.04 per cent to close at N461.50/$1 compared with the midweek session’s rate of N461.67/$1, according to data obtained from FMDQ Securities Exchange.
This happened as there was a turnover of $68.15 million, 1.7 per cent or $1.18 million more than the $69.33 million published in the midweek session.
At the black market, the value of the local currency compared with its American counterpart remained unchanged at the close of transactions on Thursday at N740/$1.
A look at the interbank window showed that the domestic currency appreciated against the Pound Sterling by N1.27 yesterday to trade at N541.56/£1, in contrast to the preceding day’s rate of N542.83/£1 and against the Euro, it depreciated by 64 Kobo to settle at N478.08/€1 versus Wednesday’s value of N477.44/€1.
As for the digital currency market, there was a large bullish movement across the benchmarked tokens tracked by Business Post.
The day’s highest gainer was Solana (SOL), which recorded a 2.0 per cent jump to trade at $13.45, followed by a 1.2 per cent appreciation recorded by Cardano (ADA) as its value rose to $0.2692 and Dogecoin (DOGE) went up by 0.5 per cent to sell at $0.0727.
In addition, Bitcoin (BTC) gained 0.2 per cent to quote at $16,861.53, and Binance Coin (BNB) added 0.1 per cent to trade at $257.84.
Leading the loser’s assets was Ripple (XRP), which slid 1.6 per cent to trade at $0.3412. Litecoin (LTC) dropped 0.5 per cent to $74.84, and Ethereum (ETH) saw a 0.1 per cent depreciation to trade at $1,252.98.
Meanwhile, the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 apiece.
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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.
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Naira Depreciates at P2P, I&E, Parallel Market
By Adedapo Adesanya
The Nigerian Security Printing and Minting (NSPM) Plc, otherwise known as The Mint, has allayed fears over the quality of the redesigned N200, N500, and N1,000 after Nigerians complained that they were fading upon contact with water, urging them to stop subjecting the new Naira notes to experiments to prove a point.
In a statement, the Managing Director of the organisation, Mr Ahmed Halilu, said that best international best practice was followed in their production.
He said, “International practices have been deployed in the production of our national symbol, the Naira, and we shall continue to ensure that it meets international standards.”
He, however, confirmed that the new Naira notes would be losing their colours when rubbed on white surfaces, but not due to poor quality.
Mr Halilu noted the new Naira notes “leave traces of intaglio inks when rubbed on plain white surfaces.”
He explained further that “the new Naira notes are of the same substrates and passed through the same printing processes and finishing procedures as the old notes they are about to replace.”
The NSPM Chief insisted that the new notes were basically of the same quality as as the other notes in circulation.
He said that generally, new notes were light when issued but over time, become heavier as they stay in circulation and on getting in contact with dirt and moisture.
According to him, “the second stage of currency printing (intaglio) requires a heavy deposit of special inks with fairly large particles to give a tactile feeling of the portraits as well as other raised prints by way of design”.
One of the properties of intaglio inks, he stated, “is non-solubility in water and ease of transfer (light stain) on plain white materials owing to the size of the particles”.
This ink, he added, was a security feature of all banknotes that easily differentiates them from forged or counterfeited notes.
Mr Halilu said that his company has been meeting the currency needs of Nigeria “with the support of the Central Bank of Nigeria since 2014, and Nigeria has achieved zero importation of currency, developed local capacity and, to an extent, conserved foreign exchange within this period,” and that it would maintain international standards in producing the Naira.
By Adedapo Adesanya
The value of the Naira depreciated against the US Dollar at the Peer-to-Peer (P2P) and parallel market wings of the foreign exchange (forex) market on Friday, January 6 but closed flat at the Investors and Exporters (I&E) window of the FX market.
It was observed that rising demand for foreign currencies in the forex market contributed to the downfall of the local currency yesterday in the black market as it lost N2 at the close of transactions to quote at N724/$1, in contrast to the previous day’s value of N740/$1.
Also, in the P2P fx segment, the value of the domestic currency dropped N2 against the greenback on Friday to N770/$1 compared to Thursday’s exchange rate of N768/$1.
At the spot market, the exchange rate of the Nigerian currency remained unchanged against the American currency at N461.50/$1.
In the interbank segment of the market, the Naira also traded flat against the Pound Sterling and the Euro on Friday at N541.56 and N478.08, respectively.
In the cryptocurrency market, the bulls were dominant as sentiments improved, with Cardano (ADA) appreciating by 1.7 per cent to trade at $0.2743.
Litecoin (LTC) went up by 1.5 per cent to quote at $75.71, Ethereum (ETH) saw its value go up by 1.1 per cent to sell at $1,226.97, Binance Coin (BNB) added 0.6 per cent to settle at $259.15, and Bitcoin (BTC) made a 0.4 per cent gain to close at $16,918.63.
On the flip side, Solana (SOL) lost 2.4 per cent to sell at $13.25, Dogecoin (DOGE) made a 0.6 per cent depreciation to trade at $0.0722, and Ripple (XRP) recorded a 0.2 per cent loss to finish at $0.3413.
Meanwhile, the US Dollar Tether (USDT) and Binance USD (BUSD) traded at flat $1.00 each.
By Adedapo Adesanya
The duo of Niger Delta Exploration and Production (NDEP) Plc and FrieslandCampina Wamco Nigeria Plc made the NASD Over-the-Counter (OTC) Securities Exchange record its first loss of the year.
After the market kicked off the year on Tuesday, it went on a winning streak until on Friday, when it slipped by 0.41 per cent due to the fall in the prices of the two stocks.
Business Post reports that the market capitalisation of the unlisted stock exchange shrank during the trading session by N3.90 to close at N938.99 billion, in contrast to Thursday’s value of N942.89 billion.
Further, the NASD Unlisted Securities Index (NSI) closed lower by 2.96 points at the close of business to 714.60 basis points from the preceding day’s 717.56 basis points.
The share price of NDEP Plc fell yesterday by N10.74 to settle at N187.04 per unit compared with the prior session’s N197.78 per unit, and FrieslandCampina Wamco Plc shed N1 to quote at N69.00 per share versus Thursday’s N70.00 per share.
As for the activity chart, investors traded a total of 135,116 units of securities, in contrast to the 50,750 units of securities transacted in the preceding session, indicating a jump of 166.2 per cent.
Also, the value of shares exchanged by the market participants went up by 31.8 per cent to N10.3 million from N7.3 million, while the total number of deals executed yesterday went down by 65.6 per cent to 11 deals from the previous session’s 32 deals.
The trading data showed that VFD Group Plc was the most traded stock by volume (year-to-date), with 349,456 units valued at N85.3 million. FrieslandCampina Wamco Nigeria Plc transacted 296,738 units worth N20.0 billion, while Nipco Plc has exchanged 107,398 units valued at N6.4 million.
Also, VFD Group Plc was the most transacted stock by value (year-to-date) for trading 349,456 units valued at N85.3 million, followed by FrieslandCampina Wamco Nigeria Plc with 296,738 units worth N20.0 million, and Nipco Plc with 107,398 units valued at N6.4 million.
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