Exchange rates between Naira, Dollar drop by 1.75%

The exchange rate between the Naira and the US dollar at the black market fell significantly by 1.75 per cent to trade at N755/$1 on Friday, 21st October 2022, when compared to N742/$1 recorded in the previous trading session.

This is according to information from black market traders.

Likewise, the Naira at the cryptocurrency peer-to-peer FX market traded at a minimum of N751.99/$1 on Friday morning, a depreciation of 0.44 per cent as against N748.7/$1 traded at the same time on Thursday, 20th October 2022.

Meanwhile, the exchange rate between the Naira and the US dollar at the I&E official window appreciated slightly by 0.08 per cent to close at N441.13/$1 on Thursday, 20th October 2022, from N441.5/$1 recorded in the previous trading session.

However, the FX turnover at the I&E window dipped by 14.95 per cent to $108.56 million on Thursday from the $65 million that was traded on Wednesday.

Nigeria’s external reserve stood at $37.71 billion as of 19th October 2022, 0.12 per cent decline compared to $37.76 billion recorded the previous 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 the local currency’s stability.

The exchange rate at the official market closed at N441.13/$1 on Thursday, 20th October 2022, a 0.08 per cent appreciation from N441.5/$1 recorded in the previous trading day.

The opening indicative rate closed at N440/$1 on Thursday, 20th October 2022.

Furthermore, an exchange rate of N442/$1 was the highest rate recorded during intra-day trading before it settled at N441.13/$1, while it traded as low as N423/$1 during intra-day trading.

A total of $108.56 million in FX value was traded in the Investors and Exporters window on Thursday, which is 14.95 per cent lower than the $127.65 million traded on Wednesday.