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

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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. 

 

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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. 

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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. 

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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. 

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Trading at the official NAFEX window 

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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. 
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