The exchange rate between the naira and dollar at the parallel market on Friday 16th September 2022 appreciated marginally to N711/$1, representing a 0.14% improvement compared to N706/$1 recorded in the previous trading session. This is according to information for black market traders.
On the other hand, the exchange rate at the official I&E window depreciated slightly to close at N436.5/$1 on Thursday, 15th September 2022 from N436.04/$1 recorded on Wednesday. The depreciation in the closing exchange rate is following the 21.22% decline in the amount of FX traded in the I&E window.
Notably, a total of $65.95 million was recorded as forex turnover on Wednesday, which is 21.22% lower than the $83.71 million that exchanged hands on Tuesday.
The exchange rate at the cryptocurrency peer-to-peer FX market fell by 0.85% to trade at a minimum of N7113/$1 on Friday morning, as against N706/$1 that it traded at the same time on Thursday.
Nigeria’s foreign reserve stood at $38.78 billion as of 13th September 2022, a slight dip of 0.09% from $38.82 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.