Naira to Dollar: Exchange rate drops to N731 per dollar

The exchange rate between the Naira and the US dollar depreciated slightly to N731/$1 at the black market, on Monday, 10th October 2022, representing a 0.14 per cent drop from N730/$1 recorded last week Friday.

This is according to information from black market traders who spoke to journalists.

The Naira at the cryptocurrency peer-to-peer FX market depreciated marginally by 0.29 per cent o trade at a minimum of N731.94/$1 on Monday morning, against N729.8/$1 traded at the same time on Friday, 7th October 2022.

In the same vein, the exchange rate between the Naira and the US dollar at the I&E official window depreciated to its lowest level, falling by 0.58 per cent to close at N439.17/$1 on Friday, 7th October 2022, compared to N436.63/$1 recorded on Thursday.

Meanwhile, a total of $99.7 million in forex was traded on Friday, 7th October 2022, recording a slight drop of 1.03 per cent as against $100.74 million that exchanged hands in the previous session.

Nigeria’s external reserve stood at $38.1 billion as of 6th October 2022, a slight decline of 0.03 per cent when compared to $38.11 billion recorded as of 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.