Naira depreciates further at parallel market

The exchange rate between the naira and the US dollar at the parallel market on Monday, 19th September 2022 depreciated to N708/$1, representing a 0.43% fall compared to N705/$1 recorded as of the close of trade last week Friday.

This is according to information for black market traders.

Also, the local currency depreciated at the cryptocurrency peer-to-peer FX market, trading at a minimum of N713.67/$1 on Monday morning, a 0.025% decline from N713.49/$1 that it traded at the same time on Friday.

On the other hand, naira appreciated slightly against the US dollar to close at N436.25/$1 on Friday, 16th September 2022 from N436.33/$1 that it closed in the previous trading session.

Meanwhile, a total of $46.17 million was traded at the window, a significant decline compared to $118.2 million recorded on Thursday.

Nigeria’s external reserve stood at $38.69 billion as of 15th September 2022, a slight decline of 0.12% from $38.76 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.