Naira moderates at parallel market, appreciates against Dollar

The exchange rate between the naira and the US dollar moderated to N730/$1 on the black market on Wednesday representing a 1.35% appreciation from the N740/$1 recorded in the previous trading session.

On the other hand, naira in the cryptocurrency peer-to-peer FX market, traded at a minimum of N730.3/$1 on Wednesday morning, falling by 1.94% from N716.4/$1 traded at the same time on Tuesday, 4th October 2022.

Also, the exchange rate between the naira and US Dollar at the official market depreciated slightly to close at N437.25/$1 representing a 0.05% fall compared to N437.03/$1 recorded on Friday last week.

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Nigeria’s external reserve stood at $38.25 billion as of 30th September 2022, representing a 0.08% decrease from $38.28 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 N441.98/$1 was the highest rate recorded during intra-day trading before it settled at N437.25/$1, while it traded as low as N435/$1 during intra-day trading.