Black market exchange rate depreciates to N750/$1 on Wednesday

The exchange rate between naira and U.S. dollar depreciated at the black market on Wednesday to trade at an average of N750/$1, representing a marginal drop of 0.27 per cent from N748/$1 that was recorded in the previous trading session.

Similarly, the exchange rate between the naira and the U.S. dollar at the cryptocurrency P2P exchange market weakened to trade at an average of N738.99/$1 on Wednesday morning, a 40 per cent depreciation from N736.06/$1 recorded on Tuesday

Also, the naira appreciated marginally by 0.04 per cent against the U.S. dollar at the official investors and exporters window to close at N461.5/$1 on Tuesday from N461.33/$1 that was recorded on Monday.

Forex turnover however increased by 52.77 per cent to $164.01 million at the official exchange on Tuesday compared to the $108.01 million that exchange hands on Monday. The nation’s external reserves stood at $36.52 billion as of Monday from $36.61 billion recorded on Friday.