Naira rises significantly against US dollar, appreciates to N669/$1

The exchange rate between the naira and the US dollar appreciated to N669/$1 on Tuesday morning, August 2, from N692.25/$1 which was recorded on Monday, August 1.

This development comes from the cryptocurrency peer-to-peer exchange (P2P) markets on Tuesday.

Naira, which depreciated significantly above N700/$1 in the previous week retracted its movement on Tuesday, August 2, gaining 3.36% to trade at a minimum of N669 to a dollar.

Similarly, at the parallel market, the dollar is sold for an average of N670/$1, while the traders buy for an average of N670/$1 indicating a margin of N40 for every dollar, Nairametrics reports.

The sustained scarcity of forex across the country saw the exchange rate fall drastically in the past week, hitting a record high of N718/$1 on Friday, July 29, according to information from black market traders.

Recall that the exchange rate between the naira and the US dollar had fallen beyond the N700/$1 threshold at the parallel market on Wednesday, July 27, despite starting the day at N675/$1.

While at the cryptocurrency exchange market, the rate dropped to N702.8/$1, a 5.4% depreciation compared to N667/$1 recorded in the previous trading session.