Exchange rates between Naira, Dollar closes flat at N742/$1

The exchange rate between the naira and the US dollar at the blackmarket closed flat at  N742/$1 on Tuesday, depreciated by 1.5 per cent in the previous trading session.

The naira at the cryptocurrency peer-to-peer FXmarket depreciated by 0.81 per cent to trade at a minimum of N746.7/$1 on Tuesday morning, against N740.67/$1 traded at the same time on Monday, 17th October 2022.

Meanwhile, the exchange rate between the naira and the US dollar at the I&E official window closed at N441.25/$1 on Monday, 17th October 2022, representing a slight increase of 0.03 per cent compared to N441.38/$1 recorded in the previous trading session.

However, the amount of traded FX at the I&E window fell to its lowest level in the month of October, dropping by 33.2 per cent to $46.21 million on Monday from $69.18 million that exchanged hands last week Friday.

Nigeria’s external reserve stood at $37.88 billion as of 14th October 2022, a decline of 0.06 per cent when compared to $37.91 billion recorded in theprevious day. The nation’s foreign reserve has been on a downward trend due to the continuous intervention by the CBN in the official market to maintain thestability of the local currency.