The Naira remarkably dropped in its exchange rate against the US dollar at the black market on Thursday, trading at an average of N768/$1, down from the N760/$1 it traded on Wednesday.
FX dealers in the market linked the local currency’s moderation to the lull in the business space which is making FX buyers to push the Naira in their hands to the market in exchange for the greenback in anticipation that when business picks, they will make some gains on their investment.
However, the Naira recorded marginal gain in its exchange rate at the cryptocurrency Peer-to-Peer (P-2-P) exchange, trading at a minimum of N739.7/$1 compared to the N750.5/$1 it exchanged at during the previous day’s trading session.
At the Investors and Exporters (I&E) window, the local currency strengthened its exchange rate with a 0.14% gain, as it traded at an average of N461.35/$1 on Wednesday, compared to the N462/$ rate it traded on Tuesday.
Available data from the Central Bank of Nigeria (CBN) on the official window’s FX turnover in the day under review indicated that the volume increased by 105.03% to $98.60 million compared to the $48.09 million that exchanged hands on Tuesday.
The data reflected that Naira opening indicative rate at the I&E window on Wednesday was N461.17/$1 while it exchanged at N462.5/$1 as the highest rate during intra-day trading session before settling at N461.31/$1. The local currency traded for as low as N446/$1 during intra-day trading.
