Naira Falls To N875/$1 At Black Market Exchange Rate on 7th November 2022

Naira Falls To N875/$1 At Black Market Exchange Rate on 7th November 2022

The exchange rate between the naira and the US dollar declined further at the black market on Monday, 7th November 2022, albeit at a slower pace trading at an average of N875/$1, in contrast to an average of N870/$1 recorded in the previous trading session.

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

On the flip side, the exchange rate at the cryptocurrency peer-to-peer FX market between the local currency and the US dollar moderated by 1.42% to trade at a minimum of N861/$1 on Monday morning from N873.44/$1 that it traded at the same time on Friday, 4th November 2022.

Meanwhile, the naira closed against the US dollar on Friday at N445.5/$1, recording a slight upward movement from N445.75/$1 that it closed in the previous trading session. Meanwhile, FX turnover at the I&E window declined by 43.63% to $94.07 million on Friday, as against $166.88 million that was traded on Thursday.

Nigeria’s external reserve recorded a rare upward movement after gaining 0.001% to stand at $37.3658 billion as of 4th November 2022 from $37.3656 recorded as of the previous day.

While Trading at the official NAFEX window

The exchange rate at the official market closed at N445.5/$1 on Friday, 4th November 2022, a 0.06% appreciation from N445.75/$1 recorded in the previous trading day.

• The opening indicative rate closed at N442.88/$1 on Friday, 4th November 2022.
• Furthermore, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N445.5/$1, while it traded as low as N431/$1 during intra-day trading.
• A total of $94.07 million in FX value was traded at the Investors and Exporters window on Friday, which is 43.63% lower than the $166.88 million traded on Thursday.

Naira Falls To N875/$1 At Black Market Exchange Rate on 7th November 2022