The exchange rate between the naira and the US dollar closed at N430.67/$1 at the official foreign exchange market.
Naira depreciated against the US dollar on Tuesday, representing the second consecutive bearish movement after the exchange rate dipped by 0.29% to close at N430.67/$1 compared to N429.43/$1 recorded in the previous trading session at the Investors and Exporters window.
Naira Falls Across Forex Markets As Foreign Reserve Gains
In the same vein, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N692.9/$1 on Wednesday morning, a 0.28% depreciation when compared to N691/$1 recorded as of the same time on Tuesday.
Also, naira dipped against the US dollar at the parallel market on Tuesday, depreciating by 0.15% to close at N688/$1 from N687/$1 recorded on Monday, 22nd August 2022. This is according to information from black market FX traders.
Nigeria’s external reserves improved slightly by 0.07% on Monday, 22nd August 2022, to stand at $38.94 billion from $38.91 billion recorded in the previous trading trade. The reserve level had dropped significantly year-to-date due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility. However, improved non-oil export earnings is beginning to elevate the reserves, albeit very low.