The exchange rate between the naira and the US dollar moderated at the black market to N800/$1 on Wednesday, 9th November 2022, representing a 6.43% appreciation when compared to the N855/$1 recorded in the previous trading session.
This is according to information from black market traders who spoke to Nairametrics.
Meanwhile, the exchange rate still varies largely across the markets based on the location and volume of transactions. In a conversation with some traders at the International Airport Lagos, they are selling dollars at the rate of N840/$1 for cash transactions, while another trader stated its rate at N820/$1.
For inflows, the exchange rate stood at N820 to a dollar on Wednesday morning.
Also, the exchange rate at the cryptocurrency peer-to-peer FX market improved by 5.23% to trade at a minimum of N814.9/$1 on Wednesday morning, from N859.9/$1 that it traded at the same time on Tuesday, 8th November 2022.
On the other hand, the naira closed against the US dollar at N446.1/$1 at the I&E window on Tuesday, representing a depreciation of 0.13% compared to N445.5/$1 that was recorded in the previous trading session. FX turnover at the official market fell by 64.76% to $72.69 million on Tuesday, from $206.25 million that was traded on Monday.
Nigeria’s external reserve declined by 0.18% to stand at $37.295 billion as of 7th November 2022 in contrast to $37.36 recorded as of the previous day.
Trading at the official NAFEX window
The exchange rate at the official market closed at N446.1/$1 on Tuesday, 8th November 2022, representing a slight decline of 0.13% from N445.5/$1 recorded in the previous trading day.
The opening indicative rate closed at N443.55/$1 on Tuesday, 8th November 2022.
Furthermore, an exchange rate of N460/$1 was the highest rate recorded during intra-day trading before it settled at N446.1/$1, while it traded as low as N440/$1 during intra-day trading.
A total of $72.69 million in FX value was traded at the Investors and Exporters window on Tuesday, which is 64.76% lower than the $206.25 million traded on Monday.
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