The Nigerian currency, Naira, sustained its exchange rate value-addition trend at the parallel market and traded at an average of N745/$1 on Monday in the early hours trading session.
Black market dealers in Abuja linked the improving exchange rate of the Naira partly to the ongoing old Naira notes’ redesign policy measure of the Central Bank of Nigeria (CBN).
According to the dealers, the policy is reducing the supply of both the US dollar and the Naira supply as most Nigerians are becoming cautious in dealing with them.
Also, at the Peer-to-Peer (P-2-P cryptocurrency exchange, the Naira also appreciated by 0.7% against the US dollar on Monday, trading at a minimum of N747.65/$1 compared to the N752.95/$1 it traded in the morning last Friday.
However, the Naira depreciated by 0.11% to close at N446.5/$1 at the official Investors and Exporters window on Friday compared to N446/$1 it traded the previous day’s trading session.
The official window’s trading data showed that last Friday, the forex (FX) turnover declined by 29.86% to $162.17 million, down from the $231.2 million that was traded in the previous session.
Meanwhile, data from the CBN reflected that Nigeria’s external reserves slightly dipped on Thursday to $36.96 billion, from $36.97 billion on Wednesday.
The programme had five key anchors, namely Value-Adding Exports Facility, Non-Oil Commodities Expansion Facility, Non-Oil FX Rebate Scheme, Dedicated Non-Oil Export Terminal and Biannual Non-Oil Export Summit.
