The Naira on Monday sustained its exchange rate value against the US dollar at the parallel market, trading at an average of N735/$1 in the noon hours, the same value it had traded in the last three trading sessions.
Some of the black market dealers linked the sustained rebound of the local currency to more supply of the US dollar even as Naira supply remained low.
Also, the Naira firmed up in its exchange rate at the cryptocurrency P2P exchange in the early hours of the day to trade at a minimum of N743.95/$1, from the N747.18/$1 recorded the last trading day, representing a 0.43% appreciation.
Meanwhile, the Nigerian currency depreciated by 0.16%at the investors and exporters (I&E) window last Friday, to exchange at N461.9/$1 from the N461.17/$1 it traded in the previous trading session.
According to data provided by the monetary authorities, the opening indicative rate at the I&E window closed at N461.2/$1 with an exchange rate of N462/$1 being the highest rate recorded during intra-day trading before it settled at N461.9/$1. The Naira traded for as low as N440/$1 during intra-day trading.
The official window data reflected that the local currency depreciated further by 18.85% with a total of $72.18 million traded on Friday compared to the $88.95 million that exchanged hands in the previous day.
This is even as the data showed that Nigeria’s external reserves marginally increased to $37.205 billion as of last Thursday, indicating a seventh straight increase in the nation’s reserve level.
