The Naira depreciated by 0.27% in value at the parallel market on Wednesday, to trade at an average rate of N750/S1 compared to the N748/$1 it traded the previous day.
Some FX dealers attributed the depreciation to low demand for the US dollar as business activities remained low nationwide.
Also, the Naira depreciated by 0.06% at the cryptocurrency Peer-to-Peer (P-2-P) exchange in the early hours of trading on Wednesday, to trade at N744.95/$1 as against the N744.5/$1 it traded on Tuesday.
This is even as the local currency slightly depreciated by 0.11% at the Investors and Exporters (I&E) window on Tuesday, to close at N462/$1 as against the N461.5/$1 it traded on Monday
The Central Bank of Nigeria (CBN) indicated that the FX turnover at the I&E window’s on Tuesday reflected that turnover decreased by 50.13% to $62.67 million from the $125.66 million that exchanged hands at the window the preceding day
Data from the apex bank further showed that the local currency’s opening indicative rate at the I&E window in the day under review closed at N461.55/$1 while it traded at N551/$1 as the highest rate during intra-day trading session before it settled at N462/$1. The Naira traded lowest at N460/$1 during the intra-day trading session.
The CBN reported that Nigeria’s external reserves decreased to $35.87 billion on Monday from the $35.98 billion that accrued to the reserves last Friday, 16th March this year.
