The Naira remarkably gained in its exchange rate against the US dollar at the black market on Friday, trading at an average of N760/$1, down from the N768/$1it traded the previous day.
Black market dealers in the FCT linked the local currency’s rebound partly to the Supreme Court judgment on the Naira redesign and cash swap policy, invalidating President Muhammadu Buhari’s pronouncements and CBN’s directives on the policy.
However, the Naira dipped by 0.18% in its exchange rate at the cryptocurrency Peer-to-Peer (P-2-P) exchange, trading at a minimum of N741.7/$1 compared to the N739/$1 it exchanged at during Thursday’s trading session.
At the Investors and Exporters (I&E) window, the local currency also depreciated in its exchange rate, trading at an average of N461.4/$1 on Thursday, compared to the N46.35/$1 it traded the preceding day.
Data from the Central Bank of Nigeria (CBN) on the official window’s FX turnover in the day under review indicated that the volume dropped by 2.19% to $96.44 million compared to the $96.6 million that exchanged hands on Wednesday.
The trading trend reflected that Naira’s opening indicative rate at the I&E window on Thursday was N461.5/$1 while it exchanged at N462/$1 as the highest rate during intra-day trading session before settling at N461.4/$1. The local currency traded for as low as N446/$1 during intra-day trading.
The apex bank further reported that Nigeria’s external reserves marginally decreased to $36.66 billion as of Wednesday, from the $36.67 billion that accrued to the reserves the preceding day.
