Exchange rate between Naira, Dollar trades at N706/$ at black market  

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The exchange rate between the Naira and the U.S. dollar stood at N706/$1 on Monday, 12th September 2022 morning, a 0.28 per cent appreciation compared to N708/$1 recorded on Friday, last week. This is according to information obtained from black market operators.

The local currency declined marginally against the US dollar to close at N436.33/$1 at the official exchange rate market (I&E window), representing a 0.002 per cent depreciation compared to N436.32/$1 recorded in the previous trading session.

Meanwhile, a total of $66.02 million was traded at the official market on Friday, which is 76.05 per  cent higher than the $37.5 million that exchanged hands on Thursday, 8th September 2022.

On the other hand, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated by 0.14 per cent to trade at N705/$1 on Monday morning, as against N706/$1 that it traded as of the same time last week Friday.

Nigeria’s foreign reserve stood at $38.92 billion as of 8th September 2022, from $38.9156 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 N436.33/$1 on Friday, 9th September 2022, from N436.32/$1 recorded in the previous trading session.

The opening indicative rate closed at N433.83/$1 on Friday, 9th September 2022, compared to N433.75/$1 recorded in the previous day. Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.33/$1, while it traded as low as N425/$1 during intra-day trading.

A total of $66.02 million in FX value was traded in the Investors and Exporters window on Friday which is 76.1 per cent higher than the $37.5 million that exchanged hands on Thursday.