The Naira, Nigeria’s national currency, sustained its rebound trend in exchange rate at the black market in the early hours on Tuesday and traded at an average of N736/$1.
The local currency traded at the same value as of the close of trading activities last week Friday.
Operators in the black market at the Wuse 2 axis of the Federal Capital Territory (FCT) told our correspondent that the Naira stabilized due to low supply of the US dollar, following the New Year festivities.
However, the Naira traded at a minimum of N741.79/$1, a 0.87% depreciation compared to N735.42/$1 recorded on Friday at the Peer-to-Peer (P2P) cryptocurrency exchange.
Last Friday, the Naira marginally appreciated at the official investors and exporters (I&E) window to close at N461.5/$1, although it represents 5.7% downturn from for the 2022 year.
An analysis of the data on the official window’s USD supply showed that a total of $176.24 million was traded at the exchange on Friday, representing an increase of 23.95% compared to the $142.19 million that exchanged hands the previous day.
Meanwhile, Nigeria’s external reserve stood at $37.09 billion as of 29th December 2022, indicating an increase of 0.04% from the $36.08 billion accruals the previous day.
It would be recalled that the Naira closed at the official market at N461.67/$1 on Thursday, representing a 0.07% depreciation from N461.33/$1 recorded on Wednesday.
During the day, the opening indicative rate closed at N454.5/$1 while an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.67/$1. The local currency traded for as low as N440/$1 during intra-day trading.
Totally, the sum of $142.19 million in FX value exchanged hands at the I&E window during the day, which is 27.48% lower when compared to the $196.06 million that was traded last Wednesday.
