Black market exchange rate falls to N875/$1 on 8th November 2022

The exchange rate between the naira and the US dollar declined further at the black market on Tuesday, 8th November 2022, albeit at a slower pace trading at an average of N870/$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.