Naira Appreciates, Trades N745/$1 At Black Market

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The Naira exchanged to the US dollar at an average of N745/$1 on Friday at the black market, appreciating by 0.67 percent from N750/$1 it traded on Thursday.

The local currency’ N750/$1 exchange rate on Thursday was the lowest value it traded since the beginning of the month.

Interestingly, the local currency strengthened by 0.13% against the US dollar at the (P-2-P) cryptocurrency exchange, trading at a minimum of N752.95/$1 on Friday morning, compared to N753.94/$1 it traded on the exchange the previous day.

However, the Nigerian currency depreciated at the official Investors and Exporters (I&E) window by 0.04% to close at N446/$1 on Thursday, from N445.83/$1 it traded on Wednesday

An analysis of the I&E window’s trading showed that  $231.2 million in FX value was traded at the window, representing an increase of 80.94% from $127.78 million that exchanged hands in the previous session.

Available data provided by the monetary authorities also reflected that the opening indicative rate at the official window closed at N445/$1 on Thursday.

This is even as an exchange rate of N452/$1 was the highest rate recorded during intra-day trading before it settled at N446/$1, while its lowest traded value stood N439.98/$1 during intra-day trading.

Similarly, the forex turnover surged to its highest level in almost a month to $213.2 million on Thursday.

But then, Nigeria’s external reserve dipped further on Wednesday to stand at $36.96 billion, from $36.97 billion recorded as of Tuesday.

 

 

 

 

 

 

 

 

 

 

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