Naira Gains Massively at the Parallel Market, Exchanges for 670/$1

 

Alt: = "Hand holding Naira and dollar notes"

The exchange rate between the naira and the US dollar at the parallel market appreciated significantly on Tuesday exchanging for an average of N670/$1. The traders buy for an average of N660/$1 indicating a margin of N40 for every dollar against N700/$1 recorded on Monday, 1st August 2022

Similarly, at the P2P market, Naira appreciated to N669/$1 on Tuesday morning from N692.25/$1 recorded on Monday, according to information gathered from cryptocurrency peer-to-peer exchange (P2P) markets.

Naira, which depreciated significantly above N700/$1 in the previous week reversed its movement on Tuesday, gaining 3.36% to trade at a minimum of N669 to a dollar. 

The continuous scarcity of FX in the country pulled the exchange rate to fall drastically in the past week, hitting a record high of N718/$1 on Friday, 29th July 2022 according to information from black market traders.

Post a Comment

Previous Post Next Post