The Naira marginally strengthened its exchange rate against the US dollar at the black market in the early hours of Monday, trading at N744/$1 in the early hours of the day, representing a 0.53% appreciation compared to the N748/$1 it exchanged at last Friday.
Some black market FX traders attributed the local currency’s exchange rate gain partly to the artificial scarcity of the Naira in the market.
But then, the Naira could not sustain its gain at the cryptocurrency (P-2-P) exchange as it marginally depreciated to a minimum of N745.77/$1, as against the N745/$1 it recorded in the trading session last Friday
At the investors and exporters (I&E) window, the Naira slightly appreciated by 0.11% to trade at slightly to N461.5/$1 from the N462/$1 recorded on Friday.
Data from the CBN indicated that the FX turnover at the official window increased by 0.07% on Friday to $119.43 million, from $119.35 million that exchanged hands on during the previous day’s trading session.
The FX turnover statistics showed that the Naira’s indicative rate closed at N461.4/$1 on Friday while it exchanged at N462.5/$1 as the highest rate during intra-day trading session before it settled at N461.5/$1. The Naiar traded for as low as N460/$1 during intra-day trading.
Meanwhile, the CBN disclosed that Nigeria’s external reserves slightly increased by 0.03% on Thursday to stand at $37.02 billion from $37.01 billion recorded the preceding day.
