The exchange rate between the naira and the US dollar recorded a massive depreciation on Tuesday morning, 27th September 2022, to trade at N722/$1 at the parallel market, representing a depreciation of 1.26% from N713/$1 traded on Monday, the previous trading session. This is according to information obtained from black market traders.
On the other hand, the exchange rate between the naira and the US dollar closed at N436/$1 at the official Investors and Exporters window on Monday, 26th September 2022, a slight appreciation of 0.08% from N436.33/$1 recorded in the previous session. Despite the uptrend in the exchange rate, forex turnover dipped to $78.1 million on Monday, a 26.4% decline from $106.11 million that exchanged hands last week’s Friday.
Meanwhile, the local currency recorded an appreciation of 0.84% at the cryptocurrency peer-to-peer FX market, to trade at a minimum of N723/$1 on Tuesday morning, from N729.1/$1 that it traded at the same time on Monday, 26th September, 2022.