Exchange rate between naira and dollar trades to N712/$1 at the black market

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The exchange rate between the naira and the US dollar at the parallel market on at N712/$1 on Thursday morning, 22nd September 2022 compared to N712.5/$1 recorded as of the close of trade on Wednesday. This is according to information obtained from black market traders.

On the other hand, the local currency depreciated further at the cryptocurrency peer-to-peer FX market, trading at a minimum of N718.6961 on Thursday morning, a 0.29 per cent decline from N716.59/$1 that it traded at the same time on Wednesday.

Also, the naira dropped marginally against the US dollar on Wednesday to close at N436.5/$1, from N436.25/$1 that it closed in the previous trading session. Meanwhile, a total of $133.97 million was traded at the window, a decrease of 5.33 per cent when compared to $141.5 million that exchanged hands in the previous session.

Nigeria’s external reserve stood at $38.54 billion as of 20th September 2022, a slight decline of 0.1 per cent from $38.57 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.