Naira has crashed at the P2P market with a new exchange rate emerging.
IDOMA VOICE reports that the Nigerian official currency crashed today with the dollar to naira exchange rate at the peer-to-peer market depreciating by 0.852% to trade at a minimum of N592/$1 on Thursday, May 5, 2022, compared to N587/$1 recorded on Wednesday, May 4, 2022.
This online news platform understands that the dollar to naira exchange rate between the naira and the US dollar closed at N418/$1 at the Investors and Exporters (I&E) window, where FX is traded officially.
The exchange rate at the official window strengthened on Wednesday to close at N418/$1 compared to N419/$1 recorded as of the close of trading activities in the previous week. A total of $162.7 million in FX value was traded on Wednesday, which is 2.6% higher than the $158.55 million traded on Friday last week.
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