Exchange rate between Naira and dollar trades at N705/$1 at black market 

The exchange rate between the Naira and the US dollar at the I&E window closed at N436.5/$1, a slight depreciation of 0.04 per cent compared to N436.33/$1 recorded on Friday, 9th September 2022.

The exchange rate at the parallel market traded at N705 to a dollar on Tuesday 13th September 2022, which represents a 0.14 per cent appreciation from N706/$1 recorded in the previous trading day.

In the same vein, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated by 0.14 per cent to trade at N704.5/$1 on Tuesday morning, as against N705/$1 that it traded as of the same time on Monday.

Nigeria’s foreign reserve stood at $38.917 billion as of 9th September 2022, from $38.9157 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.

The exchange rate at the official market closed at N436.5/$1 on Monday, 12th September 2022, from N436.33/$1, recorded on Friday, last week.

The opening indicative rate closed at N434.4/$1 on Monday, 12th September 2022, compared to N433.83/$1 recorded in the previous trading session.

Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.5/$1, while it traded as low as N425/$1 during intra-day trading.

A total of $99.78 million in FX value was traded in the Investors and Exporters window on Monday which is 51.14 per cent higher than the $66.02 million that exchanged hands on Friday.