Nigeria’s national currency – Naira – exchanged at N706/$1 on Monday morning, indicating 0.28% appreciation compared to N708/$1 it exchanged per dollar on Friday.
According to information obtained from black market operators on the trading trend in the parallel market by our correspondent, the Naira, however, declined marginally against the US dollar at the official exchange rate market (I&E window) to close at N436.33/$1.
This indicates 0.002% depreciation compared to N436.32/$1 it exchanged with the dollar last Friday.
At the I&E window in the day under review, a total of $66.02 million in FX value was traded, representing 76.1% higher than the $37.5 million that exchanged hands the preceding day.
A total of $66.02 million was traded at the official market on Friday, which is 76.05% higher than the $37.5 million that exchanged hands the preceding trading session.
On the other hand, the currency exchange rate at the cryptocurrency peer-to-peer (P2P) FX market appreciated by 0.14% to trade at N705/$1 on Monday morning, as against N706/$1 that it traded early last week Friday.
At the official market on Friday, the Naira closed at N436.33/$1 from N436.32/$1 recorded in the previous trading session. Earlier, the opening indicative rate closed at N433.83/$1 compared to N433.75/$1 recorded in the previous day.
A major determinant of the national currency’s exchange rate with foreign currencies is the nation’s foreign reserve, which due to sundry macroeconomic vagaries in recent months, especially the volatility of the international oil market, has not been stable in recent months.
Official data indicated that Nigeria’s foreign reserve stood at $38.92 billion as of last Thursday.
The Central Bank of Nigeria (CBN), in its sustained monetary measures aimed at stabilizing the Naira exchange rate, had been supporting the official market with dollars over the past months.
