The Naira stabilized in its exchange rate against the US dollar at the black market in the early hours of Thursday, trading at N745/$1, the same rate it exchanged in the previous day’s trading session.
Some black market FX traders linked the moderation of the local currency’s rate partly to current policy initiatives by the Central Bank of Nigeria (CBN) aimed at withdrawing old Naira notes from circulation amid scarcity of the newly redesigned banknotes.
Also, the local currency’s exchange rate at the cryptocurrency (P-2-P) exchange marginally improved to a minimum of N746.22/$1, from the N755.5/$1 it exchanged at on Wednesday
Similarly, at the investors and exporters (I&E) window the Naira exchanged at N461.5/$1 on Wednesday, the same rate it had exchanged on Monday and Tuesday.
Data from the CBN indicated that the FX turnover increased by 23.91% on Wednesday to $105.37 million from $85.04 million that exchanged hands on Tuesday.
The data also reflected that the Naira opening indicative rate at N461.5/$1 on Wednesday while it exchanged at N462/$1 as the highest rate during intra-day trading session before it settled at N461.5/$1. The local currency traded for as low as N446/$1 during intra-day trading.
The CBN also reported that Nigeria’s external reserves declined for the 11 consecutive day to stand at $36.99 billion as of Tuesday, representing a decline of 0.03% from the $37.01 billion recorded the preceding day.