Exchange rate between Naira, dollar falls to N725/$1 at the black market

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The exchange rate between the Naira and the US dollar continued its depreciation as it recorded a fall of 0.42 per cent on Wednesday morning, 28th September 2022, to trade at N725/$1 at the parallel market, compared to N722/$1 traded on Tuesday, the previous trading session.

This is according to information obtained from black market traders.

The Naira fell slightly by 0.08 per cent against the US dollar to close at N436.33/$1 at the official Investors and Exporters window on Tuesday, 27th September 2022, compared to N436/$1 recorded in the previous session. Meanwhile, a total of $99.43 million was traded on Tuesday, which is 27.31 per cent higher than the $78.1 million that exchanged hands on Monday.

On the other hand, the local currency fell marginally by 1.44 per cent in the cryptocurrency peer-to-peer FX market, to trade at a minimum of N733.4/$1 on Wednesday morning, as against N723/$1 that it traded at the same time on Tuesday, 27th September 2022.

Nigeria’s external reserve stood at $38.39 billion as of 26th September 2022, a dip of 0.2 per cent from $38.46 billion recorded the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous intervention by the CBN in the official market to maintain the stability of the local currency.