The sustained scarcity of FX across the country saw the exchange rate fall drastically in the past week, hitting a record high of N718/$1 on Friday, 29th July 2022.
The naira has recovered significantly against the dollar at the black market on Tuesday.
According to Nairametrics, the exchange rate stood at N670/$1, while the traders buy for an average of N670/$1 indicating a margin of N40 for every dollar.
Recall that the sustained scarcity of FX across the country saw the exchange rate fall drastically in the past week, hitting a record high of N718/$1 on Friday, 29th July 2022.
Also, the exchange rate between the naira and the US dollar at the peer-to-peer exchange rate markets appreciated to N669/$1 on Tuesday morning from N692.25/$1 recorded on Monday, 1st August 2022.