The Naira depreciated in its exchange rate against the US dollar at the black market on Tuesday, trading at an average of N760/$1, representing 0.26% appreciation from N758/$1 it opened the week with on Monday.
Some FX traders at the parallel market in the Federal Capital Territory (FCT) spoken with by our correspondent attributed the local currency’s exchange rate slide to to the lull in business activities due to the ongoing electioneering activities in the country.
At the cryptocurrency Peer-to-Peer (P-2-P) exchange, the Naira also depreciated against the US dollar, trading at a minimum of N750.5/$1, representing 0.08% slide compared to N749.88/$1 it exchanged at during Monday’s trading session.
Similarly, the local currency dropped in value by 0.18% at the Investors and Exporters (I&E) window on Monday, trading at an average of N462/$1 compared to the N461.17/$1 it traded last Friday.
Available data from the Central Bank of Nigeria (CBN) on the official window’s FX supply on Monday showed that the FX turnover decreased by 64.53% to $54.37 million compared to the $153.3 million that exchanged hands in the previous day’s transactions.
The data also reflected that the Naira opening indicative rate at the I&E window on Monday was N461.35/$1 while it exchanged at N462.05/$1 as the highest rate during intra-day trading session before it settled at N462/$1. The local currency traded for as low as N446/$1 during the intra-day trading.
Meanwhile, the apex bank also reported that Nigeria’s external reserves level slightly fell to $36.698 billion last Friday, slightly lower than the $36.707 billion that accrued to the reserves on Thursday.
