The Naira depreciated in its exchange rate against the US dollar at the black market in the early hours of Monday, trading at an average of N756/$1, compared to N755/$1 it traded over the weekend.
A few black market FX traders talked with linked the slide in the local currency’s exchange rate to cash swap policy initiatives by the Central Bank of Nigeria (CBN) aimed at withdrawing old Naira notes from circulation amid scarcity of the newly redesigned banknotes.
Also, the Naira marginally depreciated at the cryptocurrency Peer-to-Peer (P-2-P) exchange by 0.09% against the US greenback, trading at a minimum of N749.48/$1, compared to N748.8/$1 it exchanged at last Friday.
During trading at the investors and exporters (I&E) window last Friday, the Naira also depreciated by 0.09% to close at N461.5/$1 from the N461.1/$1 it traded during the previous day’s trading session.
Available statistics from the Central Bank of Nigeria (CBN) on FX traded volume indicated that the FX turnover increased by 47.61% to $59.40 million on Friday compared to the $40.24 million that exchanged hands the previous day.
The data further reflected that the Naira opening indicative rate at N461.5/$1 while it exchanged at N462.05/$1 as the highest rate during intra-day trading session before it settled at N461.5/$1. The local currency traded for as low as N446/$1 during intra-day trading.
The apex bank reported that Nigeria’s external reserves level fell to $36.82 billion as of Thursday, slightly lower than the $36.82 billion that accrued to the reserves as of the previous day, representing the fifth consecutive day of decline.
