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Naira drops further at parallel market against Dollar

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The exchange rate between the naira and the US dollar fell further to N740/$1 on the black market, representing a depreciation of 0.68 per cent on Tuesday morning, compared to N735/$1 recorded on Friday, last week.

Meanwhile, the exchange rate between the naira and US Dollar at the official market maintained its position as it closed at N437.03/$1 on Friday, 30th September 2022, the same as recorded in the previous session.

A sum of $45.89 million was traded on Friday, 30th September 2022, a massive decline when compared to $223.3 million that was traded in the previous session.

READ ALSONaira hits new record low at parallel market as FX scarcity persists

On the other hand, naira in the cryptocurrency peer-to-peer FX market, traded at a minimum of N716.4/$1 on Tuesday morning, recording a significant 2.77% improvement in contrast to N736.8/$1 traded at the same time on Friday, 30th September 2022.

Nigeria’s external reserve stood at $38.28 billion as of 29th September 2022, representing an 0.09% decrease from $38.3 billion recorded as of the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous intervention by the CBN in the official market to maintain the stability of the local currency.

Furthermore, an exchange rate of N441/$1 was the highest rate recorded during intra-day trading before it settled at N437.03/$1, while it traded as low as N435/$1 during intra-day trading.

A total of $45.89 million in FX value was traded in the Investors and Exporters window on Thursday, which is 79.45% lower than the $223.3 million that exchanged hands on Wednesday.

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