Naira falls again at black, official market

Naira on Monday depreciated against the Dollar, exchanging for N705/$ for those buying FX at the black market, representing a 0.43 percent depreciation when compared to N702/$1 recorded on Friday, 2nd September 2022.

Meanwhile, the exchange rate at the official market also fell to a record low of N431.5/$1 in the last trading session, hitting an intra-day high of N444/$1.

A total of $93.54 million exchanged hands on Friday, representing a 25.25% increase compared to $74.68 million traded on Thursday, 1st September 2022.

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The volume of forex traded during the week averaged $82.9 million per day, in contrast to $126.8 million recorded in the previous week.

Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange likewise depreciated slightly to N701.8/$1 during mid-day trading on Monday from N697.5/$1 recorded as of the same time on Friday.

This represents a 0.62% fall against the US dollar in the P2P market.

Also, Nigeria’s foreign reserve recorded a slight decline of 0.002% to stand at $39.02 billion. 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.