The exchange rate at the peer-to-peer market fell sharply to N590/$1 on Thursday morning, this is the highest rate recorded since Naira downward trend continues unabated in the forex market.
It also represents a 0.51% depreciation compared to N587/$1 recorded in the previous trading session.
Naira depreciated marginally by 0.01% on Wednesday, 13th April 2022 to close at N416.67/$1 compared to N416.62/$1 recorded in the previous trading session.
The downturn is following a 21.19% drop in FX supply at the official market as only $113.72 million exchanged hands.
The exchange rate at the parallel market closed flat at N588/$1 on Wednesday, declining by 0.17% compared to N587/$1 traded in the previous day. This is according to information obtained from BDCs operating in Nigeria.
Meanwhile, Nigeria’s foreign reserve improved by 0.02% to stand at $39.71 billion compared to $39.7 billion recorded as of the previous day. Meanwhile, the Central Bank has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the local currency
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