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

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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.

READ ALSOFirst Bank suspends dollar transactions on naira debit cards

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.

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