The Naira appreciated against the US dollar at the black market in the early hours of Wednesday, trading at an average of N755/$1 at the black market compared to the N756/$1 it exchanged at during the previous day’s trading session.
Some of the FX traders in the parallel market attributed the slight rebound of the local currency to the ongoing cash swap policy of the Central Bank of Nigeria (CBN) and the associated slowdown in economic activity nationwide.
But then, at the cryptocurrency Peer-to-Peer (P-2-P) exchange, the Naira marginally depreciated to N755.18/$1 during the trading session on Wednesday from N752.25/$1 recorded in the previous trading session
According to data from the monetary authorities, at the investors and exporters (I&E) window the Naira by 0.15% to close at N461/$1 on Tuesday, from N461/$1 it traded the preceding day.
The figures showed that the traded volume of dollar indicated that the FX turnover significantly dropped by 67.04% to $68.85 million on Tuesday compared to the $208.91 million that exchanged hands through the window in the previous session.
An analysis of the data reflected that the Naira opening indicative rate at N461.25/$1 on Tuesday while its highest exchange rate during intra-day trading was N462.5/$1 before it settled at N461.67/$1.
The trading data indicated that the local currency traded for as low as N446/$1 during intra-day trading.
Meanwhile, the Central Bank of Nigeria (CBN) also reported that Nigeria’s external reserves level stood at $36.817 billion as of Monday, slightly lower than the $36.82 billion that accrued to the reserves last Friday.
