Exchange rate between Naira and Dollar falls by 0.43%
By Munachimso Obienyi
The exchange rate between the naira and the US dollar at the parallel market on Monday, 19th September 2022 depreciated to N708/$1, representing a 0.43 per cent fall compared to N705/$1 recorded as of the close of trade last week Friday.
This is according to information for parallel market traders made available to NwafoLive.
Also, the local currency depreciated at the cryptocurrency peer-to-peer FX market, trading at a minimum of N713.67/$1 on Monday morning, a 0.025 per cent decline from N713.49/$1 that it traded at the same time on Friday.
On the other hand, the Naira appreciated slightly against the US dollar to close at N436.25/$1 on Friday, 16th September 2022 from N436.33/$1 that it closed in the previous trading session. Meanwhile, a total of $46.17 million was traded at the window, a significant decline compared to $118.2 million recorded on Thursday.
Nigeria’s external reserve stood at $38.69 billion as of 15th September 2022, a slight decline of 0.12 per cent from $38.76 billion recorded as of the previous day. 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.
According to traders at the parallel market, they sell dollars at the rate of N703/$1 for those who prefer transfer, while for cash transactions it is sold at N705/$1. They attributed the disparity to the lack of cash in the market.
