Naira on Thursday, March 25, dropped marginally against the US dollar at the I&E window of the foreign exchange market as the exchange rate between the currencies closed at N409.75/$1.
The Techeconomy.ng can report the local currency experienced an intraday high of N393.00 and a low of N411.40, before closing at N409.75 on Thursday.
The figure represents an N1 decline when compared to N408.75/$1 recorded on Wednesday, March 24.
Meanwhile, NairaWatch section of this medium reported that the local currency remained stable on the parallel market as the exchange rate closed at ₦486/US$.
Also, naira maintained stability against British pound sterling at the parallel market as at today, Thursday, March 25, the exchange rate stood at ₦680.
Meanwhile, this medium earlier reported that the Central Bank of Nigeria‘s latest report on Thursday, March 25, showed that currency in circulation in the country dropped by N50bn to N2.78tn in February from N2.83tn as of January.
The CBN, in the report, disclosed that the currency in circulation dropped by N70bn in January from N2.9tn as of December 2020.
The banking regulator, however, said that the currency in circulation rose from N2.5tn as of the end of October to N2.66tn in November.
The apex bank explained that it employed the “accounting/statistical/withdrawals & deposits approach” to compute the currency in circulation in Nigeria.
The approach involved tracking the movements in currency in circulation on a transaction by transaction basis.
This is how it is being done, for every withdrawal made by a Deposit Money Bank at one of CBN’s branches, an increase in CIC is recorded, and for every deposit made by a DMB at one of CBN’s branches, a decrease in CIC is recorded.