The Naira appreciated in its exchange rate against the US dollar on Tuesday at the parallel market, to trade at an average rate of N748/$1 compared to the N751/$1 it traded the previous day representing 0.40% appreciation.
Some FX dealers attributed the appreciation of the Naira to improving business climate after the Presidential, governorship and national assembly and state houses of assembly elections.
Despite the marginal gain of the local currency at the parallel market, it depreciated by 0.16% against the US dollar at the cryptocurrency Peer-to-Peer (P-2-P) exchange market, to trade at N744.5/$1 as against the N743.29/$1 it traded on the exchange on Monday.
The Naira recorded a slight gain of 0.04% at the Investors and Exporters (I&E) window on Monday, to close at N461.5/$1 as against the N461.83/$1 it traded last Friday.
Available statistics from the Central Bank of Nigeria (CBN) on the I&E window’s FX turnover on Monday reflected that turnover increased by 43.10% to $125.66 million from the $87.81 million that exchanged hands at the window last Friday
The apex bank’s data showed that the local currency’s opening indicative rate at the I&E window on Monday closed at N461.38/$1 while it traded at N551/$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 also reported that Nigeria’s external reserves decreased to $35.98 billion last Friday from the $36.02 billion that accrued to the reserves as of Thursday, 16th March this year.
