Exchange Rate Between Naira And Dollar appreciates At The Black Market

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The exchange rate between the naira and the US dollar at the parallel market on Friday, 16th September 2022 appreciated marginally to N705/$1, representing a 0.14% improvement compared to N706/$1 recorded in the previous trading session. This is according to information for black market traders.

According to the black market traders, they sell dollars at the rate of N703/$1 for those who prefer transfer, while for cash transactions it is sold at N705/$1. They attributed the disparity to the lack of cash in the market.

In this vein, the exchange rate at the official I&E window appreciated slightly by 0.04% to close at N436.33/$1 on Thursday, 15th September 2022 from N436.5/$1 recorded on Wednesday. Forex turnover also surged by 79.23% to $118.2 million as against the $65.95 million that exchanged hands on Wednesday.

Exchange Rate Between Naira And Dollar appreciates At The Black Market

The exchange rate at the cryptocurrency peer-to-peer FX market witnessed a marginal depreciation on Friday morning to trade at a minimum of N713.49/$1 on Friday morning, as against N713/$1 that it traded at the same time on Thursday.

Nigeria’s foreign reserve stood at $38.74 billion as of 14th September 2022, a slight dip of 0.12% from $38.78 billion recorded as of the previous day.

The nation’s foreign reserve has been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.

The exchange rate at the official market closed at N436.33/$1 on Thursday, 15th September 2022, from N436.5/$1 recorded on Wednesday, the previous trading session.

The opening indicative rate closed at N434.75/$1 on Thursday, 15th September 2022, same as recorded in the previous session.

Furthermore, the exchange rate of N438.45/$1 was the highest rate recorded during intra-day trading before it settled at N436.33/$1, while it traded as low as N420.5/$1 during intra-day trading.

A total of $118.2 million in FX value was traded in the Investors and Exporters window on Thursday which is 79.23% higher than $65.95 million that exchanged hands on Wednesday.