Wednesday, 24th August 2022: The exchange rate between the naira and the US dollar closed at N431/$1; at the Investors and Exporters window, where forex is traded officially.
Naira depreciated further against the US dollar on Wednesday, representing the third consecutive day of decline as the exchange rate dipped by 0.08% to close at N431/$1; compared to N430.67/$1 recorded in the previous trading session.
Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N696/$1; a 0.45% depreciation when compared to N692.9/$1 recorded.
Meanwhile, Nigeria’s external reserves improved slightly by 0.003% on Tuesday, 23rd August 2022; to stand at $38.941 billion from $38.94 billion recorded in the previous trading trade.
The reserve level had dropped significantly year-to-date due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility. However, improved non-oil export earnings is beginning to elevate the reserves, albeit very low.