The exchange rate between the naira and the US dollar declined further at the black market on Monday, 7th November 2022, albeit at a slower pace trading at an average of N875/$1, in contrast to an average of N870/$1 recorded in the previous trading session.
This is according to information from black market traders who spoke to Nairametrics.
On the flip side, the exchange rate at the cryptocurrency peer-to-peer FX market between the local currency and the US dollar moderated by 1.42% to trade at a minimum of N861/$1 on Monday morning from N873.44/$1 that it traded at the same time on Friday, 4th November, 2022.
Meanwhile, the naira closed against the US dollar on Friday at N445.5/$1, recording a slight upward movement from N445.75/$1 that it closed in the previous trading session. Meanwhile, FX turnover at the I&E window declined by 43.63% to $94.07 million on Friday, as against $166.88 million that was traded on Thursday.
Nigeria’s external reserve recorded a rare upward movement after gaining 0.001% to stand at $37.3658 billion as of 4th November 2022 from $37.3656 recorded as of the previous day.
Trading at the official NAFEX window
The exchange rate at the official market closed at N445.5/$1 on Friday, 4th November 2022, a 0.06% appreciation from N445.75/$1 recorded in the previous trading day.
The opening indicative rate closed at N442.88/$1 on Friday, 4th November 2022.
Furthermore, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N445.5/$1, while it traded as low as N431/$1 during intra-day trading.
A total of $94.07 million in FX value was traded at the Investors and Exporters window on Friday, which is 43.63% lower than the $166.88 million traded on Thursday.
Black market exchange rate falls to N870/$1 on 4th November 2022
The exchange rate between the naira and the US dollar fell drastically on the black market on Friday, 4th of November 2022, trading at an average of N870/$1.
This represents a steep decline of 6.13% compared to N820/$1 recorded in the previous trading session.
The exchange rate at the cryptocurrency peer-to-peer FX market also declined against the US dollar to trade at a minimum of N873.44/$1 on Friday morning. This represents a devaluation of 3.15% in contrast to N846.8/$1 which it traded at the same time on Thursday, 3rd November 2022.
On the other hand, the naira closed against the US dollar on Wednesday at N445.75/$1, a slight appreciation of 0.06% from N446/$1 recorded in the previous trading session. Meanwhile, the FX turnover at the I&E window improved by 143.41% to close at $166.88 million on Thursday, from $68.56 million that was traded on Wednesday.
However, Nigeria’s external reserve dropped further to $37.37 billion as of 1st November 2022, representing a decline of 0.06% in contrast to $37.39 billion recorded on Monday 31st October 2022.
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