Black market exchange rate moderates to N800/$1 

The exchange rate between the naira and the U.S. dollar moderated at the black market to N800/$1 yesterday representing a 6.43 per cent appreciation when compared to the N855/$1 recorded in the previous trading session.

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 Internation 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 per cent 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.

On the other hand, the naira closed against the U.S. Dollar at N446.1/$1 at the I&E window on Tuesday, representing a depreciation of 0.13 per cent compared to N445.5/$1 that was recorded in the previous trading session. FX turnover at the official market fell by 64.76 per cent to $72.69 million on Tuesday, from $206.25 million that was traded on Monday.

Nigeria’s external reserve declined by 0.18 per cent to stand at $37.295 billion as of 7th November 2022 in contrast to $37.36 recorded as of the previous day.

The exchange rate at the official market closed at N446.1/$1 on Tuesday, 8th November 2022, representing a slight decline of 0.13 per cent from N445.5/$1 recorded in the previous trading day.

The opening indicative rate closed at N443.55/$1 on Tuesday.

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 per cent we lower than the $206.25 million traded on Monday.