The Naira slightly appreciated in its exchange value against the US dollar at the black market in the early hours of Tuesday, trading at N751/$1 compared to N752/$1 it exchanged at during Monday’s trading session.
Some black market FX traders attributed the rebound of the local currency to the current CBN’s currency swap policy that has reduced old Naira notes’ circulation amid short supply the newly redesigned banknotes.
Also, the Naira’s exchange rate at the cryptocurrency (P-2-P) exchange marginally improved to trade at a minimum of N752/$1, on Tuesday morning from N752.4/$1 it traded as of the same time during Monday’s trading session.
At the investors and exporters (I&E) window the Naira closed at N461.5/$1 on Monday, representing a 0.05% appreciation compared to N461.75/$1 recorded in the previous trading session.
During the trading session on Monday, data provided by the apex bank reflected that the FX turnover increased by 54.08% to $150.49 million, from $97.67 million that exchanged hands last Friday.
The official window’s trading data showed that the Naira opening indicative rate at N461.5/$1 on Monday while it exchanged at N462/$1 as the highest rate during intra-day trading before it settled at N461.5/$1. The local currency traded for as low as N446/$1 during intra-day trading.
Meanwhile, Nigeria’s external reserves dropped for the ninth consecutive day to $37.04 billion as of last Friday, representing a decline of 0.08% from the $37.07 billion in the reserves the previous day.
