Black market exchange rate depreciates further to N765/$1 on Thursday

Naira depre- ciated against the USD dollar on Thursday, at the black market to trade at an average of N765/$1 representing a 0.39 per cent, depreciation from N762/$1 recorded in the previous trading session.

The exchange rate has remained unstable due to decline in trading activities amidst cash crunch and down time in banking applications.

Similarly, the exchange rate between the naira and US dollar fell further by 0.13 per cent at the cryptocurrency P2P exchange market trading at an average of N754.1/$1 on Wednesday against N461.33/$1 recorded on Tuesday.

Also, the exchange rate at the official investors and exporters window depreciated marginally by 0.06 per cent to close at N461/$1 on Wednesday against N461/$1 on Tuesday.

Meanwhile, a sum of $81.95 million was transacted at the official exchange, representing an increase of 69.74 per cent on Wednesday from the $48.28 million that exchanged hands on Tuesday, the nation’s external reserve fell for the seventh consecutive day to $36.72 billion on Tuesday from$36.73 billion bringing the cumulative decline for the month of February to $272.12 million.