Black market exchange rate closes flat at N735/$1

The exchange rate between the naira and the US dollar closed at an average of N735/$1 on Tuesday, 6th December 2022 at the black market, the same as recorded in the last two trading sessions.

In the same vein, the exchange rate at the official Investors and Exporters window remained stable, closing at N445.33/$1 on Monday. However, forex turnover decreased by 62.23% to $60.06 million on Monday from the $159.02 million traded on 2nd December 2022.

Meanwhile, naira recorded a 0.27% depreciation against the US dollar at the P2P cryptocurrency exchange, trading at a minimum of N737/$1 on Tuesday, compared to N735/$1 recorded on Monday, 5th December 2022.

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Nigeria’s external reserve dipped further on Monday, 2nd December 2022 to stand at $37.08 billion, representing a 0.08% decline compared to $37.10 billion recorded as of the previous day.

The opening indicative rate closed at N444.5/$1 on Monday, 2nd December 2022.

Furthermore, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N445.33/$1, while it traded for as low as N440/$1 during intra-day trading.

A sum of $60.06 million in FX value was traded at the Investors and Exporters, a 62.23% increase compared to $159.02 million that exchanged hands in the previous session.