A developing story as revealed that the exchange rate between the naira and the US dollar appreciated to N669/$1 on Tuesday morning from N692.25/$1 recorded on Monday, 1st August 2022. This is according to information gathered from cryptocurrency peer-to-peer exchange (P2P) markets.
Naira, which depreciated significantly above N700/$1 in the previous week retracted its movement on Tuesday, gaining 3.36% to trade at a minimum of N669 to a dollar. Similarly, at the parallel market the dollar is sold for an average of N670/$1, while the traders buy for an average of N670/$1 indicating a margin of N40 for every dollar.
The sustained scarcity of FX across the country saw the exchange rate fall drastically in the past week, hitting a record high of N718/$1 on Friday, 29th July 2022 according to information from black market traders.
