The Naira sustained its losing streak at the black market for the third consecutive day on Tuesday, depreciating by 0.66% to trade at N760/$1 from the N755/$1 it traded on Monday.
Some FX dealers linked lower exchange rate of the local currency to current lull in economic activities as buyers’ traffic to the parallel market continues to slowdown over the past few weeks.
Also, the Naira slightly depreciated by 0.04% against the US dollar at the Investors and Exporters (I&E) window in the day under review, trading at N461.67/$1, down from the N461,5/$1 it traded the preceding day.
Even then, the local currency appreciated by 0.44% during the early trading hours on Tuesday against the US dollar at the cryptocurrency Peer-to-Peer (P-2-P) exchange, to trade at an average of N741.96/$1 as against the N745.23/$1 it exchanged at the previous day.
Available data from the Central Bank of Nigeria (CBN) on the official window’s FX turnover on Monday indicated that it decreased by 5.96% to $77.64 million from the $82.56 million that exchanged hands at the window last Friday.
According to the apex bank, the local currency’s opening indicative rate at the I&E window on Monday was N461.5/$1 while it exchanged at N462.5/$1 as the highest rate during intra-day trading session before it settled at N461.67/$1. The Naira traded lowest at N445.95/$1 during the intra-day trading session.
Meanwhile, the apex bank reported that Nigeria’s external reserves marginally dropped to $36.39 billion as of last Friday, March 10, from the $36.41 billion that accrued to the reserves on Thursday, March 9.
