The Naira suffered marginal loss in its exchange rate to the US dollar on Tuesday at the black market, trading at N747/S1 in the early hours of the day, representing 1.63% depreciation when compared to the N735/$1 trading value it maintained in the last three trading sessions.
Some black market operators linked the marginal slide in the Nigerian currency’s exchange value to increased demand for foreign exchange (FX) in the market.
Also, the local currency depreciated by 0.50% at the cryptocurrency Peer-to-Peer (P-2-P) exchange to trade at a minimum of N747.7/$1, compared to N743.95/$1 it traded on Monday
Recall that the Naira exchanged at N461.5/$1 on Monday at the investors and exporters (I&E) window, reflecting a 0.09% gain from N461.9/$1 it traded during last Friday’s previous trading session.
The opening indicative rate at the I&E window on Monday closed at N461/$1 with an exchange rate of N465.5/$1 being the highest rate recorded during intra-day trading before it settled at N461.5/1.The Naira traded lowest at N440/$1 during intra-day trading.
Statistical data provided by the monetary authorities showed that foreign exchange (FX) turnover at the official window surged by 175.2% on Monday as a sum of $198.6 million exchanged hands compared to $72.18 million that was traded last Friday.
This is even as the data on Nigeria’s external reserves reflected that the accruals stood at a total $37.205 billion last Friday.
