Naira has fallen to a new low at Black Market, See New Exchange Rate below.
Newsonline reports that the exchange rate between the naira and the US dollar stood at N708/$1 on Friday, 9th September 2022 morning, the same as recorded in the previous trading session. This is according to information obtained from black market operators.
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Meanwhile, the exchange rate at the official Investors and Exporters window dipped further to close at N436.32/$ on Thursday, 8th September 2022, representing a slight appreciation of 0.04% when compared to N436.5/$1 recorded in the previous trading session.
The supply of forex fell marginally by 54.4% to stand at $37.5 million when compared to $82.23 million which was traded at the official market in the previous trading session.
On the other hand, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated slightly by 0.03% to stand at N706/$1 on Friday morning, as against N706.54/$1 that it traded as of the same time the previous day.
Nigeria’s foreign reserve stood at $38.92 billion, recording a slight decline of 0.05% as of Tuesday 6th September 2022, from $38.94 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.
Trading at the official NAFEX window
The exchange rate at the official market closed at N436.5/$1 on Thursday, 8th September 2022, from N436/$1 recorded in the previous trading session.
- The opening indicative rate closed at N433.75/$1 on Thursday, 8th September 2022, compared to N431.88/$1 recorded in the previous day.
- Furthermore, an exchange rate of N437.5/$1 was the highest rate recorded during intra-day trading before it settled at N436.32/$1, while it traded as low as N425/$1 during intra-day trading.
- A total of $37.5 million in FX value was traded in the Investors and Exporters window on Thursday which is 54.40% lower than $82.23 million that exchanged hands the previous day.
