The Naira recovered from the Tuesday’s exchange rate value loss for the US dollar at the black market, trading in the early hours of Wednesday at an average of N750/$1, representing a 0.40% appreciation from the N753/$1 it exchanged at during the previous day’s trading session.
Some black market traders attributed the gain by the local currency to artificial scarcity of the US dollar in the market.
However, the Naira failed to sustain its rebound at the cryptocurrency Peer-to-Peer (P-2-P) exchange, as it depreciated by a 0.24% to trade at a minimum of N748.79/$1, compared to the N747/$1 it traded in the early hours of Tuesday.
The Naira had at the investors and exporters (I&E) window closed at N462/$1 on Tuesday, reflecting a slight decline in value of 0.08% from the N461.63/$1 it traded on Monday.
Data from the monetary authorities on Tuesday’s trading at the I&E window showed that the local currency’s opening indicative rate closed at N461.2/$1 just as the highest rate recorded during intra-day trading settled at N462/1 before it traded lowest at N440/$1 during the intra-day trading session.
In addition, the data indicated that foreign exchange (FX) turnover at the official window on Tuesday dipped by 15.61% to $112.04 million, compared to the $132.77 million that exchanged hands during the previous day’s session.
Meanwhile, Nigeria’s external reserves also marginally declined to $37.15 billion on Monday, down by a 0.12% from the $37.19 billion that accrued to the savings as of Friday, 20th January 2023.
