The Naira slightly appreciated by 0.27% in its exchange rate against the US dollar at the black market on Tuesday, trading at an average of N748/$1, from the N750/$1 it exchanged at during Monday’s trading session.
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, which is now renewing hope of improved business activities nationwide
Similarly, the Naira recorded 0.37% gain in its exchange rate at the cryptocurrency Peer-to-Peer (P-2-P) exchange, trading at a minimum of N736.06/$1 during the trading on Tuesday compared to the N738.78/$1 it exchanged at during the previous day’s trading session.
According to data from the Central Bank of Nigeria (CBN), the local currency also recorded marginal gain at the Investors and Exporters (I&E) window, appreciating by 0.09% and traded at an average of N461.33/$1 on Monday, compared to the N461.75/$1 it traded last Friday.
The apex bank’s data indicated the FX turnover at the official window’s FX turnover in the day under review increased by 59.85% to $108.01 million compared to the $67.57.6 million that exchanged hands at the window last Friday.
The trading trend at the I&E window reflected that Naira’s opening indicative rate on Monday stood at N461.5/$1 while it exchanged at N462.32/$1 as the highest rate during intra-day trading session before settling at N461.5/$1. The Naira traded for as low as N446/$1 during intra-day trading.
Meanwhile, the CBN reported that Nigeria’s external reserves marginally decreased to $36.57 billion as of Monday, 6th March, from the $36.61 billion that accrued to the reserves last Friday.
