The exchange rate between the naira and the US dollar at the parallel market on Wednesday, 21st September 2022 fell to N712.5/$1, representing a 1.1% depreciation compared to N705/$1 recorded as of the close of trade Tuesday. This is according to information for black market traders.
Similarly, the local currency depreciated at the cryptocurrency peer-to-peer FX market, trading at a minimum of N716.59/$1 on Wednesday morning, a 0.3% decline from N714.4/$1 that it traded at the same time on Tuesday.
Exchange Rate Between Naira And Dollar Falls At The Black Market
Meanwhile, the naira gained marginally against the US dollar on Tuesday to close at N436.25/$1, from N436.5/$1 that it closed in the previous trading session. Meanwhile, a total of $141.51 million was traded at the window, an increase of 244.98% when compared to $41.02 million recorded on Monday.
Nigeria’s external reserve stood at $38.57 billion as of 19th September 2022, a slight decline of 0.20% from $38.65 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.