The Naira exchange rate at the cryptocurrency peer-to-peer FX market dropped by 0.22% to N706.54/$1 on Wednesday morning, down from the N704.99/$1 that the currency traded as of the same time the previous day.
However, according to information obtained from black market operators, the Naira on the other hand appreciated slightly by 0.14% on Wednesday to trade at N704/$1 at the black market compared to N705/$1 recorded on Tuesday, 6th September 2022.
A day earlier, the Nigeria’s national currency fell to a record low of N436/$1 at the official Investors and Exporters (I&E) window, representing a 0.29% depreciation compared to N434.75/$1 recorded in the previous trading session
A total of $63.05 million in FX value was traded at the official market, a 36.8% decline compared to $99.68 million that exchanged hands in the previous trading session.
On Monday, the exchange rate between the Naira and US dollar fell to record low of N434.75/$1 at the official Investors and Exporters window, representing a 0.75% depreciation compared to N431.5/$1 recorded in the previous trading session.
The depreciation of the local currency against the USD was despite the 6.56% in the amount of forex traded in the market, as forex turnover increased from $93.54 million traded on Friday, 2nd September 2022 to $99.68 million on Monday.
Also, the exchange rate at the cryptocurrency peer-to-peer FX market fell by 0.569% to stand at N704.99/$1 on Tuesday morning, compared to N701/$1 that it traded as of the same time the previous day.
Similary, Naira closed at N705/$1 on Monday, 5th September 2022 at the black market from N702/$1 recorded in the previous trading session. This is according to information obtained from black market operators.
