On Monday, September 19, 2022, the naira/dollar exchange rate decreased to N708/$1, a decrease of 0.43% from the N705/$1 recorded as of the close of business on Friday of the previous week. This is according to information for black market traders.
Additionally, the local currency lost value on the cryptocurrency peer-to-peer FX market, where it traded at a minimum of N713.67/$1 on Monday morning, down 0.025% from N713.49/$1 on Friday.
On the other hand, the naira slightly strengthened against the US dollar and ended Friday, September 16, 2022’s trading session at N436.25/$1, up from N436.33/$1 the previous day. Meanwhile, a total of $46.17 million was traded at the window, a significant decline compared to $118.2 million recorded on Thursday.
Nigeria’s foreign exchange reserves were $38.69 billion as of September 15, 2022, a slight decrease of 0.12% from the $38.76 billion reported the day before. The nation’s foreign reserve has been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.