News Rain Nigeria reports that the exchange between the naira and the US dollar fell to N705/$1 for those buying FX at the black market.
This represents a 0.43% depreciation when compared to N702/$1 recorded on Friday, 2nd September 2022.
This is according to information from black market forex traders around Lagos State. Meanwhile, the exchange rate at the official market also fell to a record low of N431.5/$1 in the last trading session, hitting an intra-day high of N444/$1.
A total of $93.54 million exchanged hands on Friday, representing a 25.25% increase compared to $74.68 million traded on Thursday, 1st September 2022.
The volume of forex trading during the week averaged $82.9 million per day, in contrast to $126.8 million recorded in the previous week.
Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange likewise depreciated slightly to N701.8/$1 during mid-day trading on Monday from N697.5/$1 recorded as of the same time on Friday. This represents a 0.62% fall against the US dollar in the P2P market.
Also, Nigeria’s foreign reserve recorded a slight decline of 0.002% to stand at $39.02 billion.
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.
The exchange rate at the official market closed at N431.5/$1 to a dollar on Friday, 2nd September 2022, from N430/$1 recorded in the previous trading session.
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