Nigeria’s currency, the Naira, appreciated against the US dollar at the parallel market on Thursday, trading at an average of N755/$1, the same rate it exchanged for the greenback during the previous day’s trading session.
Some of the FX traders in the parallel market, who revealed that they bought the USD from customers at an average of N745/$1 and sold to buyers at N755/$1, depending on the mode of transaction, linked the local currency’s exchange rate stability to the Central Bank of Nigeria’s (CBN’s) cash swap policy.
However, at the cryptocurrency Peer-to-Peer (P-2-P) exchange, the Naira slightly depreciated by 0.09% to N755.9/$1 during the early morning trading session, from N755.18/$1 it exchanged at during the previous trading session.
Available data from the Central Bank of Nigeria (CBN) indicated that at the investors and exporters (I&E) window on Wednesday, the Naira appreciated marginally against the US dollar to close at N461.5/$1, from N461.67/$1 it closed at on Tuesday
According to the data, the FX turnover at the I&E window showed that $89.54 million was traded on Wednesday, representing a 30.05% increase when compared to the $68.85 million that exchanged hands in the previous day.
The trading trend at the official window reflected the Naira opening indicative rate at N461.25/$1 on in the day under review while its highest exchange rate during intra-day trading was N462.02/$1 before it settled at N461.5/$1.
Similarly, the trading data indicated that the local currency traded for as low as N446/$1 during intra-day trading.
On the level of Nigeria’s external reserves, the apex bank reported that the value declined to $36.81 billion on Tuesday from $36.82 billion that accrued to it the previous day.
