Naira Falls to 700/$ at Black Market

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The exchange rate between the naira and the US dollar has fallen beyond the N700/$1 threshold at the parallel market on Wednesday, 27th of July 2022, despite starting the day at N675/$1. This is according to information from Bureau De Change operators in Lagos State.

Similarly, at the cryptocurrency P2P Exchange market, the rate has fallen to N702.8/$1, a 5.4% depreciation compared to N667/$1 recorded in the previous trading session. Naira has been under immense pressure in the past two weeks, falling from an average of N618 to a dollar recorded two weeks ago.

Bureau De Change operators have cited a lack of FX and a surge in demand for the recent uncontrolled uptrend recorded in the market. In the same vein, some bank users who have FX in their domiciliary account told Nairametrics that they have not been able to withdraw their funds from the bank due to tightened liquidity.

Source: Nairametrics.com

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