The Naira weakened in the black market on Thursday, trading at N748/S1 in the early hours of the trading session, indicating a 0.27% depreciation when compared to the N746/$1 it traded the previous day.
Some black market traders in Abuja who shared their views on the market trend attributed the Nigerian currency’s exchange value slide to increased demand for foreign exchange (FX) in the market.
However, the Naira marginally appreciated at the cryptocurrency (P-2-P) exchange to trade at N746.48/$1, reflecting a 0.02% gain compared to N746.6/$1 recorded in the early hours of Wednesday.
Data from the monetary authorities of the local currency’s exchange rate at the investors and exporters (I&E) window on Wednesday showed that it closed at N461.25/$1, showing a slight improvement on the N461.5/$1 it closed the previous day’s trading session.
The data indicated that the opening indicative rate for the local currency at the I&E window closed at N461/$1 on Wednesday and that the highest rate recorded during intra-day trading was N462/$1 being before it settled at N461.25/$1.The Naira traded lowest at N440/$1 during intra-day trading.
According to the monetary authorities, the foreign exchange (FX) turnover at the official window in the day under review indicated that $55.54 million exchange hands, indicating a slight increase over the $55.52 million that was traded the preceding day.
Meanwhile, Nigeria’s total external reserves stood at $37.208 billion on Tuesday, representing a decrease of 0.006% from the $37.210 billion total accruals to the reserves on Monday.
