Naira trades at N706/$ at black market

The exchange rate between the naira and the US dollar stood at N706/$1 on Monday, 12th September 2022 morning, a 0.28% 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% depreciation compared to N436.32/$1 recorded in the previous trading session.

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Meanwhile, a total of $66.02 million was traded at the official market on Friday, which is 76.05% 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% to trade at N705/$1 on Monday morning, as against N706/$1 that it traded at 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.