Nigeria’s national currency, the Naira sustained its exchange rate recovery trend for the second consecutive day at the parallel market on Tuesday, trading at an average of N855/$1, compared to an average of N875/$1 recorded in Monday’s trading session.
According to information from black market traders in Abuja, the Nigerian national currency also appreciated by 0.13% at the cryptocurrency peer-to-peer (P2P) FX market to trade at a minimum of N859.9/$1 on Tuesday morning,
The local currency traded on Monday at N861/$1 at the cryptocurrency peer-to-peer (P2P) FX market.
Similarly, the Naira closed against the US dollar on Monday at N445.5/$1 at the Investor and Exporter (I&E window), the same rate as the previous trading session last Friday
Available data sourced from the monetary authorities’ platform showed that FX turnover at the official market increased to $206.25 million on Monday, representing 119.25% increase over the $94.07 million that was traded on Friday.
Monday’s FX turnover represented the highest volume traded at the I&E window since end of September.
Meanwhile, Nigeria’s external reserve recorded a slight drop of 0.01% to stand at $37.36 billion as of Monday, from $37.37 billion it stood at as of last week Friday.
Financial experts have partly linked the low foreign reserve accruals to the Central Bank of Nigeria’s (CBN’s) sustained interventions in the FX market to stabilize the local currency’s exchange rate against foreign currencies, especially the US dollar.
