Nigeria’s national currency – Naira- on Wednesday sustained its appreciation trend at the parallel market, exchanging at an average of N800/$1 in the early morning trading hours, compared to an average of N855/$1 it traded during Tuesday’s trading session.
The currency’s latest exchange rate represented a 6.43% appreciation over the preceding day’s exchange rate.
According to information from by dealers at the FX black market in Abuja, the locally currency also appreciated at the cryptocurrency peer-to-peer (P2P) FX market by 5.23%, trading at N814.9/$1 on Wednesday morning, from the N859.9/$1 that it traded on Tuesday.
Official statistics showed that the local currency traded against the US dollar at the Importer & Exporter (I&E) FX window at N446.1/$1 on Tuesday, indicating 0.13% depreciation when compared with the N445.5/$1 it traded on Monday.
The data also reflected that FX turnover at the official market fell by 64.76% to $72.69 million on Tuesday, from $206.25 million that was traded on Monday
Also, the nation’s external reserve also marginally declined to $37.295 billion on Monday, representing 0.18% dip when compared to the $37.36 recorded last Friday.
Economists and other financial experts have partly linked the lingering low foreign reserve accruals to the Central Bank of Nigeria’s (CBN’s) interventions in the FX market to stabilize the local currency’s exchange rate against foreign currencies, especially the US dollar.
