Glamtush reports that Nigeria’s official tender, the naira fell to a record low of N436/$1 at the official Investors and Exporters 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.
Also, the exchange rate at the cryptocurrency peer-to-peer FX market dipped by 0.22% to stand at N706.54/$1 on Wednesday morning, as against N704.99/$1 that it traded as of the same time the previous day.
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. This is according to information obtained from black market operators.
Nigeria’s foreign reserve stood at $38.94 billion, recording a slight decline of 0.16% as of Monday, 5th September 2022, from $38.99 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.
The exchange rate at the official market closed at N436/$1 on Tuesday, 6th September 2022, from N434.75/$1 recorded in the previous trading session.
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