The exchange rate between the naira and the US dollar depreciated further on Thursday, 8th September 2022 morning, trading at an average of N708/$1 compared to N704/$1 recorded in the previous trading session.
This is according to information obtained from black market operators. According to the traders, they buy dollar from individuals at a rate of N700, while they sell at an average of N708/$1 depending on the quantity.
Also, the exchange rate at the official Investors and Exporters window dipped further to close at N436.5/$ on Wednesday, 7th September 2022, representing a 0.11% depreciation when compared to N436/$1 recorded in the previous trading session.
A total of $82.23 million was traded at the official market, which is 30.4% higher than the $63.05 million that exchanged hands in the previous trading session.
On the other hand, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated slightly by 0.05% to stand at N706.2/$1 on Thursday 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 Wednesday, 7th September 2022, from N436/$1 recorded in the previous trading session.
The opening indicative rate closed at N431.88/$1 on Wednesday, 7th September 2022, compared to N433/$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 N436.5/$1, while it traded as low as N418/$1 during intra-day trading.
A total of $82.23 million in FX value was traded in the Investors and Exporters window on Wednesday which is 30.42% higher than $63.05 million that exchanged hands the previous day.
