The Naira depreciated by 0.13% at the parallel market on Monday to trade at N755/$1 from the N754/$1 it traded last Friday.
FX dealers in the Federal Capital Territory spoken with by our correspondent on telephone linked that the depreciation of the local currency exchange value against the dollar to sundry factors but more particularly due to a lull in business activities nationwide.
Also, the Naira depreciated by 0.11% at the Investors and Exporters (I&E) window on Monday, trading at an exchange rate of N461.5/$1, down from the N461/$1 it traded at the window last Friday.
However, the local currency slightly appreciated by 0.08% against the US dollar at the cryptocurrency Peer-to-Peer (P-2-P) exchange during the day in review to trade at a minimum of N745.23/$1 as against the N745.8/$1 it exchanged at on the exchange last Friday.
Statistics from the Central Bank of Nigeria (CBN) on the official window’s FX turnover last Friday indicated that it decreased by 0.33% to $82.56 million from the $82.83 million that exchanged hands at the window on Thursday.
According to the CBN, the local currency’s opening indicative rate at the I&E window last Friday was N461.5/$1 while it exchanged at N462.44/$1 as the highest rate during intra-day trading session before settling at N461.5/$1. The Naira traded for as low as N446/$1 during the intra-day trading.
Meanwhile, the CBN reported that Nigeria’s external reserves marginally decreased to $36.41 billion as of Thursday, March 9, from the $36.44 billion that accrued to the reserves the preceding day.
