From N692.25/$1 on Monday, August 1, 2022, the exchange rate between the naira and the US dollar increased to N669/$1 on Tuesday morning. This is based on data acquired from markets for peer-to-peer (P2P) cryptocurrency exchange.
The naira, which had drastically depreciated to above N700/$1 the week before, reversed course on Tuesday, rising 3.36 percent to trade at a minimum of N669 to the dollar. Similar to this, in the parallel market, traders buy and sell dollars at an average exchange rate of N670 to 1; this indicates a margin of N40 for each 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.
