- The local currency, the naira has depreciated again above N700 at the parallel market on Monday, September 5, 2022
- Information from operators indicate that the local currency fell sharply despite the constant intervention by the CBN
- Also, the country's external reserves dipped as result of CBN's intervention at the foreign exchange market
Nigerians have been troubled as the country's currency slipped back to N705 on Monday, September 5, 2022.
The exchange rate between the naira and the dollar fell to N705 per dollar for those buying foreign exchange in the black market. The fall of the naira represents 0.43 per cent depreciation compared to N702 per dollar recorded on Friday, September 2, 2022.
Free fall of naira and external reserves
Information from parallel market operators in Lagos indicates the naira's depreciation.
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The official exchange rate, however, fell to N431.5 per dollar in the last trading session and hit about N444 per dollar.
According reports, on Friday, $93.54 million were exchanged, representing a 25.25 per cent spike compared to $74.68 million traded on Thursday, September 1, 2022. The week's trade volume stood at $82.9 million per day, in contrast to $126.8 million traded the previous week.
Also, the exchange rate at the crypto peer-to-peer forex exchange went down slightly to N701.8 per dollar during mid-day trading on Monday, September 5, 2022.
The country's foreign reserve declined by 0.002 per cent to $39.02 billion. The foreign reserve has declined due to intervention by the Central Bank of Nigeria in the official market to stabilise the local currency.
Nigerian Citizen Begs Bawumia and Ofori-Atta to help rescue the Naira as Cedi starts rising
Legit.ng has reported that Following the cedi's marginal rise against the dollar this week, a Nigerian citizen is appealing to two of Ghana's economic gurus to help the naira appreciate.
Ebri Ubangha wants Ghana's Finance Minister, Ken Ofori-Atta and Vice President Mahamudu Bawumia to bring their expertise to bear on the local Nigerian currency.
According to him, the naira has been battling with depreciation much longer than the cedi. The cedi's woes started in January 2022.