The exchange rate between the naira and the US dollar at the parallel market on Tuesday, 20th September 2022, appreciated to N705/$1, representing a 0.42 uptick compared to N708/$1 recorded as of the close of trade Monday. This is according to information for black market traders.
On the other hand, the local currency depreciated at the cryptocurrency peer-to-peer FX market, trading at a minimum of N714.4/$1 on Tuesday morning, a 0.102% decline from N713.67/$1 that it traded at the same time on Monday.
Likewise, the naira depreciated slightly against the US dollar to close at N436.5/$1 on Monday, 19th September 2022 from N436.25/$1 that it closed in the previous trading session. Meanwhile, a total of $41.02 million was traded at the window, a depreciation of 11.15% when compared to $46.17 million recorded on Friday.
Nigeria’s external reserve stood at $38.65 billion as of 16th September 2022, a slight decline of 0.11% from $38.69 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.
Trading at the official NAFEX window
The exchange rate at the official market closed at N436.5/$1 on Monday, 19th September 2022, from N436.25/$1 recorded on Friday, the previous trading session.
The opening indicative rate closed at N434.38/$1 on Monday, 19th September 2022, as against N434.67 recorded in the previous session.
Furthermore, an exchange rate of N437.1/$1 was the highest rate recorded during intra-day trading before it settled at N436.5/$1, while it traded as low as N434/$1 during intra-day trading.
A total of $41.02 million in FX value was traded in the Investors and Exporters window on Monday, representing a 11.15% fall from $46.17 million that exchanged hands on Friday.
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