At the black market, the naira drops to N630 per $1

GIOTV reports that on Monday, the black market price of one dollar was N630.

However, the official Investors and Exporters (I&E) window’s closing exchange rate between the naira and the US dollar was N429.13 to $1.

On Monday, the official market saw a small increase in the value of the naira relative to the US dollar, with a 0.28 percent increase to close at N429.13/$1, down from N430.33/$ at the end of the previous trading session.The appreciation of the local currency is following the 51.26% increase in the amount of forex supplied in the official market. A total of $95.58 million in FX was traded on Monday, 18th July 2022, an increase compared to $63.19 million that exchanged hands on Friday, last week.

On the other hand, the exchange rate at the parallel market fell by 1.69% to close trading activities on Monday at N630/$1 compared to N619.5/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators.

Also, the exchange rate at the peer-to-peer market depreciated by 1.69% on Tuesday morning to trade at a minimum of N630.2/$1 compared to N623.1/$1 recorded on Monday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.