Exchange Rate Skyrockets To N644/$1 At Peer-To-Peer Market As Forex Scarcity Lingers.

Wednesday, 20th July 2022: The exchange rate between the naira and the US dollar closed at N426.58/$1; at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira retracted on Wednesday, depreciating by 0.57% to close at N426.58/$, from N424.17/$1 recorded in the previous trade session. In the same vein, forex supply fell by 62.45% to $144.03 million from the record of #383.59 million.

Also, with the further scarcity of forex in the market, the exchange rate at the peer-to-peer market; depreciated significantly to a record low of N644.25/$1, representing a 1.44% decline compared to N635.1/$1 recorded. This is the highest rate in the unofficial market, according to data tracked by Nairalytics.

-NAIRAMETRICS.