Black market exchange rate appreciates to N770/$1

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The exchange rate between the naira and the US dollar closed at an average of N770/$1 on Tuesday at the black market, representing a 0.39 per cent appreciation as against N773/$1 recorded last week Friday.

In the same vein, the value of the naira improved against the US dollar on Tuesday at the cryptocurrency peer-to-peer market, closing at a minimum of N767/$1, appreciating by 1.26 per cent from N776.9/$1 that was recorded in the previous trading session.

Also, naira appreciated against the US dollar on Monday, 28th November 2022 to close at N444.7/$1 at the I&E window, representing a 0.37 per cent appreciation from N446.33/$1 recorded in the previous trading session. A total of $74.98 million was traded at the official market on Monday, which is 36.06 per cent lower than the $117.26 million traded last week Friday.

Nigeria’s external reserve dipped further for the fourth consecutive day on Friday last week, it declined by 0.02 per cent to stand at $37.17 billion from $37.18 billion recorded as of the previous day.