Naira/Dollar: Exchange rates down to N743/$ at black market

The exchange rate between the Naira and the US dollar at the black market fell to N743/$1 on Wednesday, reflecting a slight decrease of 0.13 per cent from N742/$1 recorded in the previous trading session.

The Naira at the cryptocurrency peer-to-peer FX market appreciated by 0.02 per cent to trade at a minimum of N746.57/$1 on Wednesday morning, against N746.7/$1 traded at the same time on Tuesday, 18th 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 Tuesday, 18th October 2022, same as recorded in the previous trading session.

However, the total of FX traded at the I&E window increased by 60.85 per cent to $74.33 million on Tuesday from $46.21 million that exchanged hands on Monday.

Nigeria’s external reserve stood at $37.796 billion as of 17th October 2022, a decline of 0.23 per cent when compared to $37.88 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 stability of the local currency.