The Naira strengthened its exchange rate against the US dollar at the black market on Thursday, to trade at an average rate of N749/S1 compared to the N750/$1 it traded the previous day, representing 0.13% value gain.
Some FX dealers attributed the slight gain of value by the local currency to low demand for the US dollar despite as business activities are yet to really pick up.
Also, the local currency gained by 0.13% at the cryptocurrency Peer-to-Peer (P-2-P) exchange, to trade at N743.99/$1 as against the N744.95/$1 it traded on Wednesday.
Similarly, the Naira sustained its gain trajectory by 0.11% at the Investors and Exporters (I&E) window on Wednesday, to close at N461.5/$1 as against the N462/$1 it exchange at on Tuesday.
Data from the Central Bank of Nigeria (CBN) reflected that the FX turnover at the I&E window in the day under review increased by 588.96% to $431.77 million from the $62.67 million that exchanged hands at the window the preceding day
The apex bank’s figures also showed that the local currency’s opening indicative rate at the I&E window in the day under review closed at N461.56/$1 while it traded at N544.5/$1 as the highest rate during intra-day trading session before it settled at N461.5/$1. The Naira traded lowest at N460/$1 during the intra-day trading session.
Meanwhile, the CBN reported that Nigeria’s external reserves decreased to $35.84 billion on Tuesday, 21st March, from the $35.87 billion that accrued to the reserves as of Monday, 20th March.
