The Naira to the dollar exchange rate in the official market rose by 39.5% in the last six months.

This is a 3.59% increase over the exchange rate in the black market.

On the official market the exchange rate increased significantly higher than the 9.18% recorded throughout last year.

Also, the increase in dollar rate in the official market surpassed the 30.9% reported in the black market last year.

This, therefore, means that the Naira devalued by ₦301.5 kobo in the official market but depreciated by ₦26.6 kobo in the parallel market.

The Naira to dollar exchange rate in 2022, was ₦461.50/$1 in the official market but both currencies exchanged at ₦763/$1 on Tuesday.

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However, in the black market, the price of the USD rose to ₦766.6/$1 on Tuesday from the ₦740/$1 reported at the end of last year.

The increase in the official dollar rate was driven by the unification of the multiple exchange rates by the Central Bank of Nigeria (CBN).

Recall that the CBN took the decision to devalue the Naira on June 14, resulting in the exchange rate rising from ₦471.67/$1 on June 13 to ₦664.04/$1 the next day.

Since the devaluation of the Naira, the dollar rate has appreciated by ₦98.96 kobo while the Nigerian currency depreciated by 14.9% to ₦763/$1, from ₦664.04/$1.