The Naira, Nigeria’s currency, exchanged at N708/$1 on Friday morning, the same rate it exchanged for the dollar on Thursday.
Information obtained from foreign exchange (Forex) operators, indicated that at the official Investors and Exporters (I&E) window, the Naira dipped further to close at N436.32/$ on Thursday, representing a slight appreciation of 0.04% when compared to N436.5/$1 recorded in the previous trading session.
This is even as supply of forex fell marginally by 54.4% to stand at $37.5 million when compared to $82.23 million traded at the official market in the preceding day’s trading session.
On the other hand, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated slightly by 0.03% to stand at N706/$1 on Friday morning, as against N706.54/$1 that it traded as of the same time the previous day.
The opening indicative rate closed at N433.75/$1 on Thursday, compared to N431.88/$1 recorded in the previous day.
A further analysis of Thursday’s trading session indicated that an exchange rate of N437.5/$1 was the highest rate recorded during intra-day trading before settling at N436.32/$1, while it traded as low as N425/$1 during intra-day trading.
According to official data, a total of $37.5 million in FX value was traded in the I&E window in the day in review, representing 54.40% lower than $82.23 million that exchanged hands the previous day.
