The Naira stabilized in its exchange rate against the US dollar at the black market on Wednesday, trading at an average of N760/$1, the same rate it traded on Tuesday.
A few FX traders at the parallel market in the FCT linked the stability of the local currency’s exchange rate to slowing anxieties in the political economy’s space following the announcement of the results of the Presidential election in the early hours of the day.
At the cryptocurrency Peer-to-Peer (P-2-P) exchange, the Naira also retained its rate against the US dollar on Wednesday, trading at a minimum of N750.5/$1.
This is even as the local currency traded at an average of N462/$1 to the greenback at the Investors and Exporters (I&E) window on Tuesday, the same rate it traded on Monday.
Statistics from the Central Bank of Nigeria (CBN) on the official window’s FX supply on Tuesday indicated that the FX turnover decreased by 11.55% to $48.09 million compared to the $54.37 million that exchanged hands in the previous day’s transactions.
The data also showed that the Naira opening indicative rate at the I&E window on Tuesday was N461.33/$1 while it exchanged at N462.5/$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 intra-day trading.
Meanwhile, the CBN reported that Nigeria’s external reserves level slightly fell to $36.679 billion on Monday, slightly lower than the $36.698 billion that accrued to the reserves last Friday.
