Dollar to Naira exchange rate crashes to N706/$ at P2P market

Dollar to naira exchange rate has crashed to N706/$ at the P2P Market.

IDOMA VOICE reports that Nigeria’s official tender, the naira fell to a record low of N436/$1 at the official Investors and Exporters window, representing a 0.29% depreciation compared to N434.75/$1 recorded in the previous trading session.

A total of $63.05 million in FX value was traded at the official market, a 36.8% decline compared to $99.68 million that exchanged hands in the previous trading session.

Also, the exchange rate at the cryptocurrency peer-to-peer FX market dipped by 0.22% to stand at N706.54/$1 on Wednesday morning, as against N704.99/$1 that it traded as of the same time the previous day.

Naira on the other hand appreciated slightly by 0.14% on Wednesday to trade at N704/$1 at the black market compared to N705/$1 recorded on Tuesday, 6th September 2022. This is according to information obtained from black market operators.

Nigeria’s foreign reserve stood at $38.94 billion, recording a slight decline of 0.16% as of Monday, 5th September 2022, from $38.99 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/$1 on Tuesday, 6th September 2022, from N434.75/$1 recorded in the previous trading session.

The opening indicative rate closed at N433/$1 on Tuesday, 6th September 2022, compared to N431.3/$1 recorded in the previous day.
Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436/$1, while it traded as low as N425/$1 during intra-day trading.
A total of $63.05 million in FX value was traded in the Investors and Exporters window on Tuesday which is 36.75% lower than $99.68 million that exchanged hands the previous day.

Treasure Orokpo

A multi-talented individual with a passion for diverse fields, Treasure Orokpo is a trained journalist, skilled cook, and AI enthusiast. When she's not uncovering the latest stories, you can find her whipping up culinary creations in the kitchen and entertainment.