After firming up for three days at the parallel market, the Naira on Tuesday lost momentum, trading at N747/S1 in the early hours of the trading session, representing a 1.63% depreciation when compared to the N735/$1 it exchanged for in the last three trading sessions.
Black market traders who shared their views during a chat with our correspondent attributed the marginal slide in the Nigerian currency’s exchange value to increased demand for foreign exchange (FX) in the market.
Also, the Naira depreciated by 0.50% at the cryptocurrency P2P exchange to trade at a minimum of N747.7/$1, compared to N743.95/$1 it traded on Monday
Meanwhile, the Naira exchanged at N461.5/$1 on Monday at the investors and exporters (I&E) window, reflecting a 0.09% gain from N461.9/$1 it traded during last Friday’s previous trading session.
The opening indicative rate at the I&E window closed at  N461/$1 with an exchange rate of N465.5/$1 being the highest rate recorded during intra-day trading before it settled at N461.5/1.The Naira traded lowest at N440/$1 during intra-day trading.
Available data from the monetary authorities showed that foreign exchange (FX) turnover at the official window indicated that it surged by 175.2% on Monday as a sum of $198.6 million exchanged hands compared to $72.18 million that was traded last Friday.
Similarly, data on Nigeria’s external reserves reflected that the accruals stood at a total $37.205 billion last Friday.