Naira plummets to N730/$ at open market

The naira, on Thursday, plummeted to a record low at the black market, trading at a minimum of N730/$1.

This is according to Aboki Forex, a platform that captures market value of the naira and black market operators.

Black market operators are said to be buying at N725 per dollar and reselling at N730 to dollar.

Operators attribute the fall to the scarcity of forex and increasing demand for it in the market.

Similarly, at the peer-to-peer cryptocurrency exchange, the exchange rate fell to N735/$1 against the US dollar on Thursday morning from N733.4/$1 recorded in the previous session.

The exchange rate at the official Investors and Exporters window closed at N436.37/$1 on Wednesday, 28th September 2022, a slight depreciation of 0.01% as against N436.33/$1 recorded on Tuesday, 27th September 2022.

A total of $119.49 million in FX value was traded at the official market on Wednesday, which is 20.17% higher than the $99.43 million that exchanged hands on Tuesday.

So far during the week, a total of $297.02 million has been traded at the official market, edging towards the $524.35 million that was traded in the previous week. The Central Bank has been able to maintain the stability of the currency in the official market by constant intervention, which has helped the country’s foreign reserves.

According to the data from the CBN, Nigeria’s foreign reserve has already lost over $2 billion year-to-date to stand at $38.36 billion, from over $40 billion recorded as of the end of last year.

  • Nairametrics