Naira falls for three consecutive days at official and black market

The Naira has dropped in value against the US dollar for three days in a row, giving the Central Bank of Nigeria (CBN) even more problems as black market dealers continue to profit from official market pressure.

Data obtained from the FMDQ securities shows the exchange rate between the naira and the US dollar closed at N431/$1, at the Investors and Exporters window on Wednesday.

Read also: Naira depreciates again to US dollar despite increase in fx supply

Wednesday rate at the official window represents a marginal decline from the N430.67/$ it exchanged on Tuesday 23rd August 2022.

FMDQ data also showed that participants exchanged a total of $131.30 million during trading.

It was a similar scenario at the black market as traders at the black market profited from liquidity challenges at the official market to depreciate Naira further to N690 on Wednesday evening.

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