Naira depreciates slightly at black market to N756/$1 

The exchange rate between the naira and the U.S. dollar depreciated slightly on Friday, at the black market, trading at an average of N756/$1, a 0.13 per cent depreciation from N755/$1 recorded previous trading session.

Specifically, the traders noted that the buy FX from customers at an average of N747/$1 and sell for N756/$1. These rates however vary based on the form of transaction, cash or transfer.

In the same vein, the naira depreciated against the U.S. dollar at the cryptocurrency P2P exchange market trading at an average of N756.6/$1 on Friday morning, from N755.9/$1 recorded in the previous trading session.

Also, the exchange rate between the naira and the U.S. dollar depreciated by 0.11 per cent at the investors and exporters (I&E) window to close at N462/$1 on Thursday, compared to N461.5/$1 recorded on Wednesday.

A total of $69.72 million in FX value was transacted at the official exchange on Thursday, representing a 22.14 per cent decrease against the $89.54 million that exchanged hands in the previous day. The nation’s external reserves likewise, declined further to $36.79 billion on Wednesday from $36.81 billion.