Black market exchange rate falls to N870 per $1
The exchange rate between the naira and the US dollar fell drastically on the black market on Friday, 4th of November 2022, trading at an average of N870/$1 according to information from black market traders who spoke to Nairametrics.
This represents a steep decline of 6.13% compared to N820/$1 recorded in the previous trading session.
The exchange rate at the cryptocurrency peer-to-peer FX market also declined against the US dollar to trade at a minimum of N873.44/$1 on Friday morning. This represents a devaluation of 3.15% in contrast to N846.8/$1 which it traded at the same time on Thursday, 3rd November 2022.
On the other hand, the naira closed against the US dollar on Wednesday at N445.75/$1, a slight appreciation of 0.06% from N446/$1 recorded in the previous trading session. Meanwhile, the FX turnover at the I&E window improved by 143.41% to close at $166.88 million on Thursday, from $68.56 million that was traded on Wednesday.
However, Nigeria’s external reserve dropped further to $37.37 billion as of 1st November 2022, representing a decline of 0.06% in contrast to $37.39 billion recorded on Monday 31st October 2022.
Trading at the official NAFEX window
The exchange rate at the official market closed at N445.75/$1 on Thursday, 3rd November 2022, an appreciation of 0.06% from N446/$1 recorded in the previous trading day.
- The opening indicative rate closed at N443.58/$1 on Thursday, 3rd November 2022
- Furthermore, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N445.75/$1, while it traded as low as N431/$1 during intra-day trading.
- A total of $166.88 million in FX value was traded at the Investors and Exporters window on Thursday, which is 143.41% higher than the $68.56 million traded on Wednesday.
