Naira hits new low as it trades at N719 to a dollar

The exchange rate between the naira and the U.S. dollar at the parallel market traded at N719 on Friday, September 23.

Checks by Peoples Gazette showed the current parallel market rate pegged at N719 to a dollar and N880 to a pound on the parallel exchange platform Aboki Forex.

As at Tuesday, September 20, the naira was pegged at N700 to a dollar at the black market.

Nigeria’s external reserve stood at $38.51 billion as of 21st September 2022, a slight decline of 0.07% from $38.54 billion recorded as of the previous day. The nation’s foreign reserve has been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.

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