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.
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