Naira depreciates at P2P market to N691/$1 despite 222% surge in forex supply

Written by on August 23, 2022

The exchange rate between the naira and the US dollar closed at N429.43/$1 at the official foreign exchange market.

According to Nairametrics, the exchange rate dipped slightly to close at N429.43/$1 compared to N429.05/$1 recorded on Friday 19th August, 2022, representing a 0.09% depreciation. Meanwhile, forex supply surged by 222.3% to $161.94 million from 50.22 million that exchanged hands in the previous trading session.

Similarly, Naira traded at N691/$1 on Tuesday morning, 23rd August 2022 at the peer-to-peer FX market, indicating a depreciation of 0.16% compared to N689.9/$1 recorded in the previous trading session.

Nigeriaโ€™s external reserves improved slightly by 0.012% on Monday, 22nd August 2022, to stand at $38.912 billion from $38.907 billion recorded in the previous trading trade.


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