Connect with us

Business

Naira drops further at parallel market against Dollar

Published

on

Spread The News

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.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Trending