Nigeria’s exchange rate depreciates 23% to close 2022 at N735/$1 at black market
Nigeria’s exchange rate at the official and black markets ended 2022 at N461.5/$1 and N735/$1 respectively.
This represents a 5.7% and 23.1% depreciation year to date in 2022.
The reason for the depreciation was due to CBN policies, a rise in interest rates, surging demand, etc.
The external reserves also fell by about $3 billion during the year.
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