Naira Continues To Depreciate Against Dollar, Exchanges N718/$1 At Black Market

Naira Continues To Depreciate Against Dollar, Exchanges N718/$1 At Black Market

Naira has continued its slide against the dollar to exchange N718/$1 on Thursday at the black market, according to Nairametrics.

This is as it exchanged N700/$ the previous day.

A surge in the demand for forex in the country, amidst sustained scarcity caused the recent depreciation.

With the exchange rate now at N718 per dollar, it indicates that Naira has depreciated by N100 in just 10 days.

Bureau De Change operators cited a lack of FX and a surge in demand for the recent uncontrolled uptrend recorded in the market. Meanwhile, some bank users have complained that they have not been able to access their funds in their domiciliary accounts due to lack of liquidity.

However, at the official market, Naira recorded significant gain on Thursday, 28th July 2022 as it closed at N426.2/$1 from N430/$1 recorded in the previous trading session.

Also, forex turnover in the Investors and Exporters (I&E) window increased marginally by 1.93% to stand at $129.13 million.

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