Exchange rate between naira, dollar falls to N735/$1 at black market

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The exchange rate between the naira and the US dollar fell further to a record low of N735/$1, recording a dip of 0.68 per cent on Friday morning, 30th September 2022 on the black market, compared to N730/$1 recorded on Thursday.

This is according to information obtained from black market traders who spoke to newsmen

Meanwhile, the exchange rate at the Investors and Exporters window fell by 0.15 per cent  to close at N437.03/$1 on Thursday, 29th September 2022, when compared to N436.37/$1 recorded in the previous session. This is despite a surge in the amount of traded FX in the window.

Total forex turnover stood at $223.3 million, representing an 86.9 per cent increase from $119.49 million that exchanged hands in the previous trading session.

The local currency, on the other hand, at the cryptocurrency peer-to-peer FX market, traded at a minimum of N736.8/$1 on Friday morning, recording a slight depreciation of 0.25 per cent as against N735/$1 traded at the same time on Thursday, 29th September 2022.