The exchange rate between the naira and the US dollar recorded a sharp fall on Friday morning, 21st October 2022, trading at a minimum of N755/$1 at the black market compared to N742/$1 recorded on Thursday.

This is according to report by Nairametrics.

The depreciation of the local currency at the black market was attributed to increased demand and sustained FX scarcity in the market. According to Nairalytics exchange rate tracker, the rate at N755/$1 is the highest on record. Indicating a market differential of N313.87/$1 between the official market and the parallel market.

Also, at the peer-to-peer cryptocurrency exchange, the exchange rate fell to N751.99/$1 against the US dollar on Friday morning from N748.7/$1 recorded in the previous trading session.

On the other hand, the exchange rate at the official market remained stable at N441.13/$ as a result of the constant intervention by the CBN to curb exchange rate volatility.