The naira traded at N680 per dollar at various black markets on Thursday, OduNews reports.
OduNews gathered that the Bureau De Change Operators in many parts of Lagos traded the Nigerian currency for N678, N679 and N680 per dollar respectively.
In the Ijaiye Ojokoro and Abule Egba, BDC operators who spoke to OduNews said they sell at N680. In Yaba however, our correspondent gathered that the naira was pegged at N678 per dollar.
The exchange rate between the naira and the US dollar closed at N429.38/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
Naira appreciated slightly, with a gain of 0.3% on Wednesday to close at N429.38 at the official market compared to N430.67/$1 recorded in the previous trading session. Notably, forex turnover also increased by 134.4% to stand at $118.14 million traded on Wednesday from $50.4 million traded on Tuesday, 16th August 2022.
Also, the exchange rate at the parallel market appreciated marginally on Thursday, 18th August 2022, with a gain of 0.44% to trade at N677/$1 from N680/$1 recorded on Wednesday. This is according to information from black market FX traders across the country.
Nigeria’s external reserves on Tuesday, 16th August 2022, dipped slightly by 0.01% to stand at $38.894 billion from $38.896 billion recorded as of the previous week. The reserve level had been on a downturn in recent times, due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility.
The exchange rate at the official market appreciated on Wednesday, 17th August 2022 by 0.3% to close at N429.38 to a dollar compared to N430.67/$1 recorded on Tuesday, 16th August 2022.
The opening indicative rate closed at N427.58/$1 on Wednesday, 17th August 2022, compared to N429.88/$1 recorded in the previous trading session.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N429.38/$1, while it traded as low as N417/$1 during intra-day trading.
A total of $118.14 million in FX value exchanged hands on Wednesday, which is 134.4% higher than the $50.4 million that was traded in the previous trading session.
