Naira Depreciates at The Parallel Market, Exchanges For N712 Per Dollar

Naira Depreciates at The Parallel Market, Exchanges For N712 Per Dollar

  • The naira continued on its downward fall on Thursday, although gaining marginally against the US dollar on the black market
  • Also, the naira fell at the cryptocurrency peer-to-peer trading window on the same day
  • It also closed on a downward spiral at the official exchange window against the US greenback as Nigeria’s foreign reserve declined

Naira again lost its value against the US dollar on Thursday, September 22, 2022.

According to data from black market operators, the Nigerian currency depreciated further, trading at N712 per dollar after gaining momentarily and trading at N712.5 on Wednesday, September 21, 2022.

Naira, dollar, exchange rates
Naira depreciates at official and parallel markets
Source: Getty Images

Naira falls at the parallel market

The naira also depreciated in the cryptocurrency peer-to-peer foreign exchange market and traded at a minimum of N718.6961 on Thursday, September 22, 2022. It declined by 0.29 per cent from N716.59 per dollar, at which it sold in the same period on Wednesday, September 21, 2022.

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Furthermore, the naira fell slightly against the dollar Wednesday, September 21, 2022, and traded at N436.5 from N436.25 per dollar.

A total of $133.97 million was traded at the I&E window, a decline of 5.33 per cent compared to the $141.5 million it sold the day before.

External reserves declines

Nigeria’s external reserves stood at $38.54 billion as of September 20, 2022, a marginal decline of 0.1 per cent from $38.57 billion recorded the day before.

According to reports, the country’s foreign reserve has been on a steady decline which is blamed on the continued intervention by the Central Bank of Nigeria (CBN) in the official market to maintain forex stability and liquidity.

At the official market, the naira closed at N436.5 per dollar on Wednesday, September 21, 2022, from N436.25 per it recorded the day before.

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Bad day for the Naira as it exchanges for N611 per dollar on the black market reported that there is no respite for the naira as it continues to take a bloody nose on the parallel and black market.

Nigeria’s local currency closed at N420.5 per dollar at the Investors and Exporters window.

Naira closed a little weaker on Wednesday, June 22, 2022, with a 0.05 depreciation, closing at N420.5 per dollar in comparison to N420.26 recorded in the previous trading session, according to information from the FMDQ website.


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