Naira goes for N698/$1 black market, forex supply falls to $82.4m

The exchange rate between the naira and the US dollar at the cryptocurrency peer-to-peer forex traded at N697/$1 on Friday morning, which is a 0.14% depreciation when compared to N696/$1 recorded as of the same time on Thursday.

But the exchange rate closed Thursday at N430.67/$1 at the Investors and Exporters window, where foreign exchange is traded officially.

Naira appreciated slightly against the US dollar on Thursday, by 0.08% to close at N430.67/$1 compared to N431/$1 recorded in the previous trading session.

The supply of forex that exchange hands dipped significantly by 36.88% to stand at $82.88 million as against $131.30 million traded on Wednesday.

The naira closed trading at N698/$1 at the black market on Thursday, indicating a 0.29% depreciation against the US dollar, representing the lowest level since August 1, 2022. This is according to information from black market operators.

Nigeria’s external reserves declined slightly by 0.003% on Wednesday to stand at $38.94 billion from $38.941 billion recorded in the previous trading trade.

The reserves 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.