Exchange rate between Naira and Dollar depreciates by 0.42 per cent

The exchange rate between the naira and the US dollar continued its depreciation as it recorded a fall of 0.42% on Wednesday morning, 28th September 2022, to trade at N725/$1 at the parallel market, compared to N722/$1 traded on Tuesday, the previous trading session.

This is according to information obtained from black market traders.

The naira fell slightly by 0.08% against the US dollar to close at N436.33/$1 at the official Investors and Exporters window on Tuesday, 27th September 2022, compared to N436/$1 recorded in the previous session. Meanwhile, a total of $99.43 million was traded on Tuesday, which is 27.31% higher than the $78.1 million that exchanged hands on Monday.

On the other hand, the local currency fell marginally by 1.44% in the cryptocurrency peer-to-peer FX market, to trade at a minimum of N733.4/$1 on Wednesday morning, as against N723/$1 that it traded at the same time on Tuesday, 27th September 2022.

Nigeria’s external reserve stood at $38.39 billion as of 26th September 2022, a dip of 0.2% from $38.46 billion recorded 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.