Apparently smarting on the shortfall of USD following the closure of most businesses in the country during the yuletide and New Year festivities, the Naira sustained its gain against the USD in the parallel market on Thursday morning and exchanged at N730/$1.
The local currency’s exchange rate on Thursday represented an improvement of 0.82% from N736/$1 it had traded since Tuesday.
Information sourced from black market traders at the Wuse Zone 2 axis of the Federal Capital Territory
(FCT) by our correspondent indicated that USD supply still remains scanty, thereby strengthening its exchange value of the Naira.
Also, findings showed that the exchange rate of the Nigerian currency at the Peer-to-Peer (P-2-P) cryptocurrency exchange strengthened during the day’s trading session to a minimum of N743.79/$1, representing 0.69% appreciation compared to N748.95/$1 it recorded during the previous day’s trading session.
Despite its strong performance at both the parallel market and P2P Exchange, the Naira, however, depreciated against the US dollar at the official investors and exporters (I&E) window to close at N461.67/$1 on Wednesday, indicating 0.15% depreciation from the N461/$1 it exchanged for on Tuesday.
Data from the monetary authorities indicated that at the official market on Wednesday, a total of $69.33 million. This was a significant drop of 54.82% compared to the $153.45 million that exchanged hands the previous day.
Meanwhile, Nigeria’s external reserves dipped to $37.07 billion on Tuesday, reflecting a decrease of 0.04% from the $36.08 billion recorded as of 30th December 2022.
