The naira has suffered further depreciation as the exchange rate between the local currency and the US dollar fell to N755/$1 at the parallel market on Friday morning, 21st October 2022, after closing at N742/$1 on Thursday.
This information was optioned from black market operators in Lagos, as Business Compiler does not determine exchange rates.
The depreciation of the naira at the black market was attributed to increased demand and sustained FX scarcity in the market as Nigeria’s foreign reserve continues to deplete. The rate between the local currency and the US dollar at N755/$1 is the highest on record in history. It also shows a wide gap of N313.87/$1 between the official market and the parallel market.
Also, at the peer-to-peer cryptocurrency exchange, the exchange rate depreciated to N751.99/$1 on Friday morning against the N748.7/$1 recorded during Thursday’s trading session.
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