Naira climbs to 716.59/$1 at peer-to-peer FX market

Naira on Wednesday dropped further at the cryptocurrency peer-to-peer FX market, trading at a minimum of N716.59/$1, representing a 0.3% decline from N714.4/$1 that it traded at the same time on Tuesday.

At the parallel market, the exchange rate fell to N712.5/$1, representing a 1.1% depreciation compared to N705/$1 recorded as of the close of trade Tuesday. This is according to information for black market traders.

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Meanwhile, the naira gained marginally against the US dollar on Tuesday to close at N436.25/$1, from N436.5/$1 that it closed in the previous trading session. Meanwhile, a total of $141.51 million was traded at the window, an increase of 244.98% when compared to $41.02 million recorded on Monday.

Nigeria’s external reserve stood at $38.57 billion as of 19th September 2022, a slight decline of 0.20% from $38.65 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.

A total of $141.51 million in FX value was traded in the Investors and Exporters window on Tuesday, representing a 244.98% uptick from $41.02 million that exchanged hands on Monday.