Black market exchange rate rises to N767/$1 

The exchange rate between the naira and the US dollar closed at an average of N767/$1 on Wednesday  at the black market, representing a 0.39 per cent appreciation as against N770/$1 recorded on Tuesday.

Also, the value of the naira appreciated against the US dollar on Wednesday at the cryptocurrency peer-to-peer market, closing at a minimum of N757/$1. This represents a 1.3 per cent gain from N767/$1 that was recorded in the previous trading session.

However, naira depreciated against the US dollar on Tuesday, 29th November 2022 to close at N445.3/$1 at the I&E window, representing a 0.13 per cent downturn from N444.7/$1 recorded in the previous trading session. A total of $108.32 million was traded at the official market on Tuesday, which is 44.47 per cent higher than the $74.98 million traded on Monday.

Nigeria’s external reserve dipped further for the fifth consecutive day on Monday, 28th November 2022, declining by 0.13 per cent to stand at $37.12 billion from $37.17 billion recorded as of the previous day.