The exchange rate between the naira and the US dollar recorded a massive depreciation on Tuesday morning, 27th September 2022, to trade at N722/$1 at the parallel market.
Insurancenews reports that this represents a depreciation of 1.26% from N713/$1 traded on Monday, the previous trading session. This is according to information obtained from black market traders.
On the other hand, the exchange rate between the naira and the US dollar closed at N436/$1 at the official Investors and Exporters window on Monday, 26th September 2022, a slight appreciation of 0.08% from N436.33/$1 recorded in the previous session.
Despite the uptrend in the exchange rate, forex turnover dipped to $78.1 million on Monday, a 26.4% decline from $106.11 million that exchanged hands last week’s Friday.
Meanwhile, the local currency recorded an appreciation of 0.84% at the cryptocurrency peer-to-peer FX market, to trade at a minimum of N723/$1 on Tuesday morning, from N729.1/$1 that it traded at the same time on Monday, 26th September 2022.
Nigeria’s external reserve stood at $38.46 billion as of 23rd September 2022, a slight decline of 0.06% from $38.49 billion recorded the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous 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 Monday, 26th September 2022, a slight appreciation of 0.08% appreciation as against N436.33/$1 recorded on Friday, 23rd September 2022.
The opening indicative rate closed at N435.67/$1 on Monday, 26th September 2022, as against N434.83/$ recorded in the previous session.
Furthermore, an exchange rate of N441/$1 was the highest rate recorded during intra-day trading before it settled at N436/$1, while it traded as low as N423/$1 during intra-day trading.
A total of $78.1 million in FX value was traded in the Investors and Exporters window on Monday, which is 26.4% lower than the $106.11 million that exchanged hands on Friday.