Naira falls to N698/$1 at black market

On the morning of Thursday, August 25, 2022, the exchange rate between the naira and the US dollar fell to N698/$1.

According to information from some black market forex traders, the Naira further fell against the US dollar from N696/$1 on Wednesday to N698/$1 on Thursday. This shows 0.29% depreciation.

Forex traders said the fall is because of the sustained scarcity of the dollar and increase in its demand. In late July 2022, the naira fell to as low as N718 to 1 dollar and recovered around the first week of August to about N672 to $1. The continued demand surge for foreign exchange led to naira depreciation at the unofficial market.

Coincidentally, the naira also fell at the cryptocurrency peer-to-peer exchange on Thursday from N692 to a dollar to N696. In the last trading session of the official Investors and Exporters window, the exchange rate also fell by 0.08% to close at N431/$1 from N430.67/$1 recorded on Tuesday, 23rd August 2022.

A total of $131.3 million in FX value was traded on Wednesday, 24th August 2022 which is 25.3% lower than the $175.67 million that exchanged hands in the previous session.