Naira gains against Dollar at black market

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The exchange rate between the Naira and the US dollar at the black market gained 0.13% to trade at N742/$1 on Thursday from N743/$1 recorded in the previous trading session.

On the other hand, the naira at the cryptocurrency peer-to-peer FX market fell by 0.29% to trade at a minimum of N748.7/$1 on Thursday morning, when compared to N746.57/$1 traded at the same time on Wednesday, 19th October 2022.

Meanwhile, the exchange rate between the naira and the US dollar at the I&E official window closed at N441.5/$1 on Wednesday, 19th October 2022, a slight fall of 0.06% from N441.25/$1 recorded in the previous trading session.

However, the FX turnover at the I&E window increased by 71.73% to $127.65 million on Wednesday from the $74.33 million that was traded on Tuesday.

Nigeria’s external reserve stood at $37.76 billion as of 18th October 2022, a decline of 0.1% when compared to $37.96 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.

The exchange rate at the official market closed at N441.5/$1 on Wednesday, 19th October 2022, a depreciation of 0.06% from N441.25/$1 recorded in the previous trading day.

The opening indicative rate closed at N440/$1 on Wednesday, 19th October 2022.

Furthermore, an exchange rate of N443/$1 was the highest rate recorded during intra-day trading before it settled at N441.5/$1, while it traded as low as N425/$1 during intra-day trading.

A total of $127.65 million in FX value was traded in the Investors and Exporters window on Wednesday, which is 71.73% higher than the $74.33 million traded on Tuesday.