The Naira recorded a marginal rebound in exchange value on Wednesday, trading at N767/$1 in the parallel market in the noon hours of the day.
The Wednesday’s exchange rate of the local currency indicated a 0.39% appreciation as against N770/$1 it traded the previous day.
Information source from black market traders in Wuse axis of Abuja by our correspondent indicated that the appreciation of the Naira was due to lower demand for dollar.
Similarly, the Naira appreciated against the US dollar at the cryptocurrency peer-to-peer (P2P) market, closing at a minimum of N757/$1, indicating a 1.3% gain from N767/$1 that was recorded in the previous trading session.
However, the Naira depreciated against the US dollar on Tuesday to close at N445.3/$1 at the I&E window, representing a 0.13% downturn from N444.7/$1 recorded in the previous trading session.
According to official data on the volume of trade at the market, a total of $108.32 million was traded at the official market in the day, which is 44.47% higher than the $74.98 million traded on Monday.
Meanwhile, Nigeria’s external reserve dipped further for the fifth consecutive day on Monday by 0.13% to stand at $37.12 billion, down from $37.17 billion recorded last Friday.
