Naira appreciates against Dollar at black market

The exchange rate between the naira and the US dollar closed at an average of N770/$1 on Tuesday at the black market, representing a 0.39% appreciation as against N773/$1 recorded on Monday.

In the same vein, the value of the naira improved against the US dollar at the cryptocurrency peer-to-peer market, closing at a minimum of N767/$1, appreciating by 1.26% from N776.9/$1 that was recorded in the previous trading session.

At the official window, naira appreciated against the US dollar to close at N444.7/$1 at the I&E window, representing a 0.37% appreciation from N446.33/$1 recorded in the previous trading session.

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A total of $74.98 million was traded at the official market on Monday, which is 36.06% lower than the $117.26 million traded last week Friday.

Nigeria’s external reserve dipped further for the fourth consecutive day on Friday last week, it declined by 0.02% to stand at $37.17 billion from $37.18 billion recorded as of the previous day.

The exchange rate at the official market closed at N444.7/$1 on Monday, 28th November 2022, representing a 0.37% appreciation compared to the closing rate of N446.33/$1 recorded in the previous trading session.

Furthermore, an exchange rate of N447.5/$1 was the highest rate recorded during intra-day trading before it settled at N444.7/$1, while it traded for as low as N440/$1 during intra-day trading.

A total of $74.98 million in FX value was traded at the Investors and Exporters, a 36.06% reduction compared to $117.26 million that exchanged hands in the previous session.