Naira bounces back, appreciates by over N200 against US dollar in hours at P2P market

Speculators hoarding the dollar were given a rude awakening on Friday, October 27, 2023, as the naira, within hours, appreciated by N166 to the dollar in the Peer to Peer market.

Financial technology companies and cryptocurrency companies mainly use the P2P market.

Checks by Legit.ng show that the exchange rate of the naira, which began on Friday, October 27 at N1279/$, is trading at N1,070 as of the time of this report.

This represents a 16.34% or N209 improvement after just a few hours of trading, resulting in substantial losses for many traders who had paid over N1,300 for a dollar.

The market is closely monitoring the next steps of President Bola Ahmed Tinubu's administration.

Bloomberg reports that Finance Minister Wale Edun announced an expected $10 billion inflow in the coming weeks to improve liquidity and stabilise the naira.

Additionally, the government plans to impose taxes on foreign exchange transactions outside banks and criminalise speculative activities.