Naira crashes to N698 per $1 at parallel market


Information from several black market Foerign Exchange (Forex) traders in some locations, at the weekend, indicated that the exchange rate between the naira and dollar fell to N698 per $1.

The naira fell further against the dollar from N696 to $1, as against its value on Thursday, August 26, 2022 representing 0.29 per cent depreciation as Forex traders attributed the fall of the currency to sustained scarcity of the dollar and increased demand.

The exchange rate had recovered from the fall recorded in late July, 2022 when the naira dipped as low as N715 to the dollar, but averaged N672 to $1 in the first week of August and maintained stability for most part of the month.

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However, surging demand for Forex and liquidity crunch drove the rate upward and depreciated the local currency at the unofficial market.

Similarly, at the crypto currency peer-to-peer exchange, the naira fell to N598 to the dollar during early Friday trading, while the exchange at the official Investors and Exporters (I&E) window also depreciated in the last trading session, falling marginally by 0.08 per cent to close at N483 to $1 on Friday 26, August 2021.

Meanwhile, a total of $131.3 million in foreign exchange value was traded at 25.39 or 25.3 per cent lower than the N175.67 million traded in the previous session.

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