The Naira stabilized its exchange rate against the US dollar at the black market on Thursday, trading at an average of N750/$1, the same rate it traded the previous day.
Some FX traders at the FCT Wuse Zone 3 axis in the FCT attributed the local currency’s stability to renewed hope about improved business activities after the initial apprehension over the just ended presidential election in the country.
Despite its stability at the parallel market, the Naira dipped by 0.67% in its exchange rate at the cryptocurrency Peer-to-Peer (P-2-P) exchange, trading at a minimum of N743.93/$1 compared to the N738.99/$1 it exchanged at during Wednesday’s trading session.
However, at the Investors and Exporters (I&E) window, the local currency marginally appreciated in its exchange rate against the greenback by 0.05% in the day under review, trading at an average of N461.25/$1 compared to the N461.5/$1 it traded on Tuesday.
Data from the Central Bank of Nigeria (CBN) on the I&E window, showed that the FX turnover on Wednesday declined by 29.96% to $115.58 million from the $165.01 million that exchanged hands at the window the preceding day.
The trading trend reflected that Naira’s opening indicative rate at the I&E window in the day under review, March 8, was N461.3/$1 while it exchanged at N462.5/$1 as the highest rate during intra-day trading session before settling at N461.25/$1. The local currency traded for as low as N446/$1 during intra-day trading.
Meanwhile, the CBN reported that Nigeria’s external reserves marginally decreased to $36.47 billion on Tuesday, down from the $36.52 billion that accrued to the reserves on Monday.
