Naira Depreciates to N740 per $1

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On the black market, the naira-to-dollar exchange rate has further depreciated to a record low, trading at a minimum of N740/$1. FX traders claim that the declining currency might be ascribed to the market’s rising demand and ongoing forex scarcity.

The exchange rate between Nigerian Naira and the US dollar on the peer-to-peer cryptocurrency market, meanwhile, fell to N716. 4/$1 from N736. 8/$1 seen in the previous session.
Last week saw a total of $566. 21 million in FX value moved on the official market, up from $524.35 million the week before.

Despite the unofficial market’s volatility, the Central Bank has been able to keep the official market’s currency stable through regular intervention; which has limited the nation’s foreign reserve.


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