The Nigerian naira fell significantly against the US dollar on Tuesday morning at the peer-to-peer market, trading at N600.5/$1 compared to N594/$1 recorded on Monday.
A peer-to-peer (P2P) service is a decentralized platform whereby two individuals interact directly with each other, without intermediation by a third party.
The platform became popular among crypto users in Nigeria following the CBN ban on the trade.
The exchange rate at the official window also weakened against the US dollar on Monday to close at N419/$1 from N417/$1 recorded as of the close of trading activities in the previous week.
A total of $53.15 million in FX value was traded on Monday, which is 39.89% lower than the $88.42 million traded on Friday.
Meanwhile, the exchange rate at the parallel market remained stable at N590 to a dollar, according to information obtained from BDCs operating in Nigeria.
Nigeria’s external reserve depreciated by 0.15% on Friday, 6th May to stand at $39.31 billion, compared to $39.37 billion recorded as of the previous day.