Exchange rate between naira and dollar remains stable at N712/$1 at the black market on 23rd September 2022

The exchange rate between the naira and the US dollar at the parallel market traded at N712/$1 on Friday morning, 23rd September 2022 same as recorded in the previous trading session. This is according to information obtained from black market traders. 

Similarly, the exchange rate remained stable at the official Investors and Exporters window, closing at N436.5/$1 on Thursday, 22nd September 2022, same as recorded in the previous session. Meanwhile, a total of $101.74 million was traded at the window, a decline of 24.06% when compared to $133.97 million that exchanged hands in the previous session. 

On the other hand, the local currency depreciated further to a new record high at the cryptocurrency peer-to-peer FX market, to trade at a minimum of N720.9/$1 on Friday morning, a decline of 0.31% from N718.69/$1 that it traded at the same time on Thursday. 

Nigeria’s external reserve stood at $38.51 billion as of 21st September 2022, a slight decline of 0.07% from $38.54 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 Thursday, 22nd September 2022, which is the same as recorded on Wednesday, 21st September 2022. 

• The opening indicative rate closed at N435.08/$1 on Thursday, 22nd September 2022, as against N434.75/$ recorded in the previous session. 
• Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.5/$1, while it traded as low as N425/$1 during intra-day trading. 
• A total of $101.74 million in FX value was traded in the Investors and Exporters window on Thursday, which is 24.1% lower than the $133.97 million that exchanged hands on Wednesday.