Exchange Rate Between Naira And Dollar Falls At The Black Market

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The exchange rate between the naira and the US dollar fell further to a record low of N735/$1, recording a dip of 0.68% on Friday morning, 30th September 2022 on the black market, compared to N730/$1 recorded on Thursday.

This is according to information obtained from black market traders who spoke to Nairametrics.

Meanwhile, the exchange rate at the Investors and Exporters window fell by 0.15% to close at N437.03/$1 on Thursday, 29th September 2022, when compared to N436.37/$1 recorded in the previous session. This is despite a surge in the amount of traded FX in the window.

Total forex turnover stood at $223.3 million, representing an 86.9% increase from $119.49 million that exchanged hands in the previous trading session.

Exchange Rate Between Naira And Dollar Falls At The Black Market

The local currency, on the other hand, at the cryptocurrency peer-to-peer FX market, traded at a minimum of N736.8/$1 on Friday morning, recording a slight depreciation of 0.25% as against N735/$1 traded at the same time on Thursday, 29th September 2022.

Nigeria’s external reserve stood at $38.32 billion as of 28th September 2022, a decline of 0.1% from $38.36 billion recorded the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous intervention by the CBN in the official market to maintain the stability of the local currency.