Business Headline News Nigeria

Black market rate falls to N675/$1

The exchange rate between the naira and the dollar closed at N428.75/$1 at the Investors and Exporters window, where forex is traded officially.

Naira appreciated by 0.52% on Tuesday, 9th August 2022 to close trading at N428.75/$1 from N431/$1 recorded in the previous trading session. On the flip side, forex supply declined marginally by 1.75% to $113.64 million from $115.67 million that was traded on Monday, 8th August 2022.

NairaMetrics reports that while at the peer-to-peer market, the Naira fell to N681.84/$1 on Wednesday morning from N670.4/$1 recorded as of the same time on Tuesday, representing a 1.71% decline compared to the previous day.

Similarly, at the black market, Naira depreciated to N675/$1 on Tuesday, closing with a 1.5% decline compared to N665/$1 recorded in the previous trading session as FX traders lament the scarcity of forex and sustained high demand. This is according to information obtained from black market FX traders.

Nigeria’s external reserves fell sharply below the $39 billion mark on Monday, 8th August 2022, dropping by 0.24% to stand at $38.95 billion from $39.05 billion recorded as of the previous day.

This is largely due to the constant intervention by the CBN in the Investors and Exporters window, to manage exchange rate volatility.

Writing Hadiza Abdulrahman; Editing by Tina Oyinsan