Business
Exchange Rate Between Naira And Dollar Falls At The Black Market
The exchange rate between the naira and the US dollar fell further to a record low of N735/$1, recording a dip of 0.68% on Friday morning, 30th September 2022 on the black market, compared to N730/$1 recorded on Thursday.
This is according to information obtained from black market traders who spoke to Nairametrics.
Meanwhile, the exchange rate at the Investors and Exporters window fell by 0.15% to close at N437.03/$1 on Thursday, 29th September 2022, when compared to N436.37/$1 recorded in the previous session. This is despite a surge in the amount of traded FX in the window.
Total forex turnover stood at $223.3 million, representing an 86.9% increase from $119.49 million that exchanged hands in the previous trading session.
The local currency, on the other hand, at the cryptocurrency peer-to-peer FX market, traded at a minimum of N736.8/$1 on Friday morning, recording a slight depreciation of 0.25% as against N735/$1 traded at the same time on Thursday, 29th September 2022.
Nigeria’s external reserve stood at $38.32 billion as of 28th September 2022, a decline of 0.1% from $38.36 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.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
