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.
