Black market exchange rate depreciates to N773/$1

The exchange rate between the naira and the US dollar closed at an average of N773/$1 on Monday, at the black market, representing a 0.64 per cent appreciation as against N778/$1 recorded last week Friday.

Also, naira improved against the US dollar on Monday at the cryptocurrency peer-to-peer market, closing at a minimum of N776.8/$1, appreciating by 0.15 per cent from N777.99/$1 that was recorded in the previous trading session.

However, naira depreciated against the US dollar on Friday to close at N446.33/$1 at the I&E window, which represents a 0.3 per cent depreciation from N445/$1 recorded in the previous trading session. A total of $117.26 million was traded at the official market on Friday, which is 19.62 per cent lower than the $145.89 million traded on Thursday.

Nigeria’s external reserve dropped slightly by 0.01 per cent to stand at $37.181 billion as of 24th November 2022 in contrast to $37.186 billion recorded as of the previous day.