The value of Nigeria’s currency, the naira has continued to appreciate as the exchange rate between the naira and the US dollar stood at N800/$1 at the parallel market popularly known as the black market on Tuesday.
This is according to the data on Aboki Forex platform which tracks the exchange rate at the parallel market.
Investigations by Investogist showed that the rise in the value of the naira is mainly due to increased supply of the greenback. Some traders however, attributed the appreciation of the naira to low demand for dollar.
On Friday last week, naira fell to record low of N895/$1 at the black market on the back of the Central Bank of Nigeria’s announcement about the redesign of high value naira notes – N200, N500 and N1,000
At the I & E Window, the official rate opened at N443.55/$1 and closed at N446.10/$1 on Tuesday.
The spot rate exchanged as high as N460.00/$1 and as low as N440.00/$1 whereas the forward rate stood at N459.7/US dollar on Tuesday.
A total of $72.69 million in FX value was traded on Tuesday at the I & E Window. This is 64.7% lower than Monday’s value of $206.25 million, according to the data on FMDQ.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.