Exchange rate between Naira and dollar falls to N707/$1 at the black market 

The exchange rate between the Naira and dollar at the parallel market on Wednesday 14th September 2022 fell to N707/$1, representing a 0.28 per cent depreciation compared to N705/$1 recorded in the previous trading session. This is according to information for black market traders.

On the other hand, the exchange rate at the official I&E window has remained stable in the past week, albeit at a high rate as it closed at N436.04/$1 on Tuesday, 13th September 2022. This varies slightly when compared to N436.5/$1 recorded in the previous trading session.

Meanwhile, a total of $83.71 million was recorded as forex turnover on Tuesday, which is 16.1 per cent lower than the $99.78 million that exchanged hands on Monday.

The exchange rate at the cryptocurrency peer-to-peer FX market fell by 0.35 per cent to trade at N706.98/$1 on Wednesday morning, as against N704.5/$1 that it traded at the same time me on Tuesday.

Nigeria’s foreign reserve stood at $38.82 billion as of 12th September 2022, a dip of 0.26 per cent from $38.92 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.