Black market exchange rate appreciates to N855/$1

The exchange rate between the naira and the US dollar improved by 2.29% at the black market on Tuesday, 8th November 2022, trading at an average of N855/$1 for cash transactions, compared to an average of N875/$1 recorded in the previous trading session.

Also, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated by 0.13% to trade at a minimum of N859.9/$1 on Tuesday morning, compared to the N861/$1 that it traded at the same time on Monday, 7th November, 2022.

Meanwhile, the naira closed against the US dollar on Monday at N445.5/$1 at the I&E window, the same rate as the previous trading session.

FX turnover at the official market surged by 119.25% to $206.25 million on Monday, in contrast to $94.07 million that was traded on Friday. This is the highest volume traded at the I&E window since 29th September 2022.

Nigeria’s external reserve recorded a slight drop of 0.01% to stand at $37.36 billion as of November 2022 from $37.37 recorded as of the previous day.

READ ALSO: Naira slumps to N885/$ at parallel market

The exchange rate at the official market closed at N445.5/$1 on Monday, 7th November 2022, the same rate recorded in the previous trading day.

The opening indicative rate closed at N444.08/$1 on Monday, 7th November 2022.

Furthermore, an exchange rate of N461/$1 was the highest rate recorded during intra-day trading before it settled at N445.5/$1, while it traded as low as N439.98/$1 during intra-day trading.

A total of $206.25 million in FX value was traded at the Investors and Exporters window on Monday, which is 119.25% higher than the $94.07 million traded on Friday.