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Naira Falls To N630/$1 At The Black Market

Posted by Thandiubani on Tue 19th Jul, 2022 - tori.ng

The appreciation of the local currency is following the 51.26% increase in the amount of forex supplied in the official market.

 
According to Nairametrics, naira has depreciated N630 to $1 at the black market on Monday.
 
However, the exchange rate between the naira and the US dollar closed at N429.13/$1 at the official Investors and Exporters (I&E) window.
 
Naira appreciated slightly against the US dollar at the official market on Monday, with a 0.28% appreciation to close at N429.13/$1, compared to N430.33/$ recorded as of the close of trading activities in the previous trading session.
 
The appreciation of the local currency is following the 51.26% increase in the amount of forex supplied in the official market. A total of $95.58 million in FX was traded on Monday, 18th July 2022, an increase compared to $63.19 million that exchanged hands on Friday, last week.
 
On the other hand, the exchange rate at the parallel market fell by 1.69% to close trading activities on Monday at N630/$1 compared to N619.5/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators.
 
Also, the exchange rate at the peer-to-peer market depreciated by 1.69% on Tuesday morning to trade at a minimum of N630.2/$1 compared to N623.1/$1 recorded on Monday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.


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