The Nigerian Naira falls further against the U.S. Dollar in the P2P Market today, Wednesday, as the Naira to USDT is exchanged for a new rate.
BrandNewsDay understands that the P2P Market is known as the peer-to-peer market where buyers meet sellers to exchange cryptocurrencies for naira, especially, USDT (stablecoin), which surged to its all-time-high today as NGN fiat traded 1100 to USDT.
The cryptocurrency- USDT to Naira is presently trading at N1100 at the popular and leading Crypto Exchange, Binance. The USDT to Naira which opened at N1085 on Wednesday morning eventually jumped to N1100 witnessing a change of about N15 before noon.
As of the time of this writing, the official currency which is presently at about N1045 at the parallel market otherwise known as the Black Market, showing a weak entry for Naira as it might surge against the Dollar to N1100 before the end of the month.
Notably, the P2P market is one of the market determinants for the dollar-to-naira exchange rate in the black market as it records higher prices before the local Black Market.
What you should know about the P2P Market
- Peer to peer Market is known as the P2P Market.
- It is becoming worrisome as the P2P determines the Black Market exchange rate for the US dollar.
- Peer to peer Market feature was introduced on Binance in 2021 after the Buhari-led administration, under the watch of the then CBN Governor Godwin Emefiele banned Nigerian Banks from accepting crypto funds.
- Peer to Peer market exchange USDT (United States Dollar Tether) to Naira and exchange Naira for USDT.
- The P2P market price varies from the Aboki Rate forex -Black Market exchange rate, oftentimes, a higher value to Naira.
- Any users of Binance (as it is the only crypto exchange in Nigeria with P2P features) can buy and sell USDT on the crypto App without limitation.
- There are verification processes to be examined by the admin(s) before exchanging coins and funds between the buyers and sellers.
- A higher rate of security is certain.
- P2P on local social platforms (Telegram/WhatsApp) to follow through group escrows before coins/funds are released.