The exchange rate between the Naira and the US dollar strengthened on tuesday to trade at an average of N760/$1 representing a 1.94% appreciation compared to N775/$1 recorded in the previous trading session.
NewsBeatng reports that the exchange rate is highly volatile as traders have reduced trading activities due to banking app downtime and lack of cash. This was based on information gathered from black Market operators.
Meanwhile, naira depreciated marginally against the US Dollar at the investors and exporters window to close at N461.5/$1 on Monday (Yesterday) compared to N461.25/$1 recorded on Friday.
Also, the exchange rate between the Naira and the US Dollar weakened by 0.03% at the cryptocurrency P2P exchange market trading at an average of N753.1/$1 on tuesday morning against N752.9/$1 recorded on Monday.
Forex sales however reduced by 50.75% at the official exchange to $40.28m on Monday, against the $81.78m that Exchange hands last week friday.
The nation’s external reserves likewise, reduced further for the fifth consecutive day to $36.76bn on Friday from $36.78bn.
