The Naira appreciated in exchange for the US dollar at the parallel market on Monday, trading at an average of N745/$1 in the morning hours of the day, compared to N746/$1 it exchanged during last Friday’s trading session, representing a 0.13% gain by the local currency.
Some market traders confirmed that the gain recorded by the Naira in exchange value to the USD (greenback) was due to the artificial scarcity in the supply of the local currency due partly to the current Naira redesign and old banknotes’ withdrawal policy measures of the Central Bank of Nigeria (CBN), which are mopping up large sums of the old banknotes from circulation
However, the Naira depreciated by 0.15% at the cryptocurrency Peer-to-Peer (P-2-P) to trade at a minimum of N745/$1, compared to N743.9$1 recorded last Friday.
Meanwhile, last Friday the Naira closed at the investors and exporters (I&E) window at N461.5/$1, the same value it traded during the previous trading session.
Available data from the monetary authorities on the trading trend at the I&E window last Friday showed that the local currency’s opening indicative rate closed at N461/$1 and that the highest rate recorded during intra-day trading was N462/$1 before it closed at N461.5/1.The Naira traded lowest at N440/$1 during the intra-day trading.
According to the data, the foreign exchange (FX) turnover at the official window in the day under review dipped by 55.6% to $96.81 million compared to the $217.86 million that was transacted in the previous session.
The apex bank reported that the nation’s external reserves stood at $37.201 billion on Friday, representing a drop by 0.01% from the $37.205 billion recorded the previous day.
