Naira Falls To N705/$ At Black Market





The last time the Naira reached the 700/$ range was on July 27, 2022, a Wednesday… Read Full Article

The naira has depreciated against the dollar at the black market on Tuesday, August 30, 2022… CONTINUE READING

Reports by Nairametrics revealed that naira is now trading at N705/$.

Similarly, the rate on the cryptocurrency P2P Exchange market has dropped to N701.89/$1.

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This is according to information gathered from several black market forex traders, who spoke to Nairametrics.

The last time the Naira reached the 700/$ range was on July 27, 2022, a Wednesday. However, the latest decline in the Naira comes following a 34.3% decline in FX turnover, from $82.38 million on Friday, August 26, 2022, to $54.13 million on Monday.

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The Naira’s depreciation follows reports that the Central Bank of Nigeria has released $265 million to save the Aviation sector, with a portion of it going to pay blocked funds owing to foreign airlines.

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