After three days of sustained appreciation in its exchange rate value, the Naira on Tuesday morning lost its rebounding streak and traded at N747/$1 at the black market.
The Tuesday’s exchange rate of the local currency represented 0.26 percent depreciation from the N745/$1 it traded the previous day
Information from black market traders in Wuse Zone 3 axis of Abuja indicated that suppliers of both foreign and local currencies to them were still being careful in the movement of funds as the current policy measures of the monetary authorities continue to influence suppliers and dealers’ sentiment.
Similarly, at the Peer-to-Peer (P-2-P) cryptocurrency exchange, the Naira also depreciated by 0.05% against the US dollar, trading at a minimum of N748/$1, compared to N747.65/$1 recorded on Monday.
Data from the monetary authorities showed that on Monday, the Naira exchanged N446/$1 on Monday at the official Investors and Exporters (I&E) window, representing 0.11% appreciation, Last Friday, it traded at 446.5/$1.
The data indicated that despite the improved performance of the local currency at the I&E window, the Forex (FX) turnover declined by 51.85% to $78.08 million on Monday, compared to $162.17 million that was traded during last Friday’s trading session.
Meanwhile, Nigeria’s external reserves dropped further on Friday to $36.957 billion, from $36.962 billion recorded the previous day.
