The Naira dipped in its exchange rate against the US dollar at the black market in the early hours of Thursday, trading at an average of N765/$1, representing a 0.39% depreciation compared to N762/$1 it traded the previous day.
Some parallel market FX traders linked the slide in the local currency’s exchange rate to the ongoing electioneering campaigns which have reduced trading activities as well as the ongoing cash swap policy the Central Bank of Nigeria (CBN) and its associated hiccups in banking transactions.
Also, at the cryptocurrency Peer-to-Peer (P-2-P) exchange, the Naira depreciated yesterday by 0.13% against the US greenback, trading at a minimum of N754.1/$1, compared to N753.13/$1 it exchanged at during the trading session on Wednesday.
The trading trend at the investors and exporters (I&E) window on Wednesday indicated that the local currency depreciated by 0.06% to close at N461.6/$1 compared to the N461.33/$1 it traded during Tuesday’s trading session.
Available data from the Central Bank of Nigeria (CBN) on the official window’s FX supply on Wednesday reflected that the FX turnover increased by 69.74% to $81.95 million compared to the $48.28 million that exchanged hands the previous day.
The data further showed that the Naira opening indicative rate was N461.35/$1 while it exchanged at N462.01/$1 as the highest rate during intra-day trading session before it settled at N461.6/$1. The data showed that the local currency traded for as low as N446/$1 during intra-day trading.
Meanwhile, the apex bank also reported that Nigeria’s external reserves level slightly fell to $36.72 billion for the seventh consecutive days of depreciation on Thursday, slightly lower than the $36.73 billion that accrued to the reserves as of the previous day.
