The exchange rate between the naira and the United States dollar depreciated on multiple platforms which saw the parallel market fall by 1.69 per cent to close trading activities on Monday at N630/$1 compared to N619.5/$1 recorded in the previous trading session.
The exchange rate closed at N429.13/$1 at the official Investors and Exporters window.
Also, the rate at the peer-to-peer market depreciated by 1.69 per cent on Tuesday 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 ‘black market.’
The exchange rate at the official market appreciated on Monday, July 18, 2022, gaining 0.28 per cent to close at N429.13 to a dollar as against the N430.33/$1 recorded on July 15, 2022.
The opening indicative rate closed at N428.26/$1 on July 18, 2022, from N426.63/$1 recorded in the previous trading session.
The naira appreciated slightly against the US dollar at the official market on Monday, with a 0.28 per cent appreciation to close at N429.13/$1, compared to N430.33/$ recorded as of the close of trading activities in the previous trading session.
The appreciation of the local currency is following the 51.26 per cent increase in the amount of forex supplied in the official market.
A total of $95.58 million in FX was traded on July 18, 2022, an increase compared to $63.19 million that exchanged hands on Friday, last week.