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Terrible News For The Naira As It Falls Flat Again At The Black Market

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Nigerians have been troubled as the country’s currency slipped back to N705 on Monday, September 5, 2022.

The exchange rate between the naira and the dollar fell to N705 per dollar for those buying foreign exchange in the black market. The fall of the naira represents 0.43 per cent depreciation compared to N702 per dollar recorded on Friday, September 2, 2022.

Free fall of naira and external reserves Information from parallel market operators in Lagos indicates the naira’s depreciation.

The official exchange rate, however, fell to N431.5 per dollar in the last trading session and hit about N444 per dollar. According reports, on Friday, $93.54 million were exchanged, representing a 25.25 per cent spike compared to $74.68 million traded on Thursday, September 1, 2022.

The week’s trade volume stood at $82.9 million per day, in contrast to $126.8 million traded the previous week. Also, the exchange rate at the crypto peer-to-peer forex exchange went down slightly to N701.8 per dollar during mid-day trading on Monday, September 5, 2022.

The country’s foreign reserve declined by 0.002 per cent to $39.02 billion. The foreign reserve has declined due to intervention by the Central Bank of Nigeria in the official market to stabilise the local currency.

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Edujandon.com has reported that Following the cedi’s marginal rise against the dollar this week, a Nigerian citizen is appealing to two of Ghana’s economic gurus to help the naira appreciate. Ebri Ubangha wants Ghana’s Finance Minister, Ken Ofori-Atta and Vice President Mahamudu Bawumia to bring their expertise to bear on the local Nigerian currency. According to him, the naira has been battling with depreciation much longer than the cedi. The cedi’s woes started in January 2022.

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