The Naira depreciated in exchange for the US dollar at the black market on Tuesday, trading at an average of N753/$1 in the early hours trading session compared to N746/$1 it exchanged on Monday, representing a 1.07% depreciation by the local currency.
Information provided by some black market traders indicated that the sharp slide in the Naira’s exchange value was due to scarcity of the US dollar in the market
Also, the Naira also declined in exchange value at the cryptocurrency Peer-to-Peer (P-2-P) exchange, to trade at N747/$1, indicating a 0.27% slide when compared to the N745/$1 it traded on the exchange early morning on Monday.
Meanwhile, the Naira closed on Monday at the investors and exporters (I&E) window at N461.63/$1, reflecting a 0.03% drop in value from the N461.5/$1 it traded last Friday.
Data from the the monetary authorities on the trading trend at the I&E window on Monday reflected that the Naira’s opening indicative rate closed at N460.75/$1 and that the highest rate recorded during intra-day trading was N463/$1 before the local currency closed at N461.63/1.The Naira traded lowest at N440/$1 during the intra-day trading session.
According to the data, the foreign exchange (FX) turnover at the official window on Monday rose by 37.14% to $132.77 million compared to the $96.81 million that exchanged hands in the previous session last Friday.
The apex bank reported that Nigeria’s external reserves stood at $37.19 billion last Friday, representing a 0.03% drop from the $37.20 billion that accrued to the reserves the preceding day.
