Naira Depreciates Marginally To N738/$1 At Parallel Market


The exchange rate between the naira and the US dollar closed at an average of N738/$1 on Wednesday, 7th December 2022 at the black market, depreciating marginally by 0.41% from N735/$1 recorded in the past three trading sessions.

This was gathered from black market traders.

NewsBeatng reports that Naira recorded a 0.36% depreciation against the US dollar at the P2P cryptocurrency exchange, trading at a minimum of N747/$1 on Wednesday, compared to N737/$1 recorded on Tuesday, 6th December 2022.

Similarly, the exchange rate at the official Investors and Exporters window recorded a slight depreciation of 0.11% to close at N445.8/$1 from N445.33/$1 recorded on Monday.

On the other hand, forex turnover surged by 200.18% to $180.29 million on Tuesday from the $60.06 million exchanged hands on Monday.

Nigeria’s external reserve dipped further on Tuesday, 6th December 2022 to stand at $36.97 billion, representing a 0.08% decline compared to $36.99 billion recorded as of the previous day.

Meanwhile, the exchange rate at the official market closed at N445.8/$1 on Tuesday, 6th December 2022, representing a 0.11% depreciation compared to N445.33/$1 recorded in the previous trading session.

The opening indicative rate closed at N444.2/$1 on Tuesday, 6th December 2022.

Furthermore, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N445.8/$1, while it traded for as low as N440/$1 during intra-day trading.

A sum of $180.29 million in FX value was traded at the Investors and Exporters, a 200.18% increase compared to $60.06 million that exchanged hands in the previous session.

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