Exchange Rate Between Naira And Dollar Depreciates At The Black Market

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The exchange rate between the naira and the US dollar at the parallel market on Monday, 19th September 2022 depreciated to N708/$1, representing a 0.43% fall compared to N705/$1 recorded as of the close of trade last week Friday. This is according to information for black market traders.

Also, the local currency depreciated at the cryptocurrency peer-to-peer FX market, trading at a minimum of N713.67/$1 on Monday morning, a 0.025% decline from N713.49/$1 that it traded at the same time on Friday.

On the other hand, naira appreciated slightly against the US dollar to close at N436.25/$1 on Friday, 16th September 2022 from N436.33/$1 that it closed in the previous trading session. Meanwhile, a total of $46.17 million was traded at the window, a significant decline compared to $118.2 million recorded on Thursday.

Exchange Rate Between Naira And Dollar Depreciates At The Black Market

Nigeria’s external reserve stood at $38.69 billion as of 15th September 2022, a slight decline of 0.12% from $38.76 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 N436.25/$1 on Friday, 16th September 2022, from N436.33/$1 recorded on Thursday, the previous trading session.

The opening indicative rate closed at N434.67/$1 on Friday, 16th September 2022, as against N434.75 recorded in the previous session.

Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.25/$1, while it traded as low as N434.5/$1 during intra-day trading.

A total of $46.17 million in FX value was traded in the Investors and Exporters window on Friday which is 60.94% lower than $118.2 million that exchanged hands on Thursday.