Naira drops again at parallel market, trades at N870/$

The exchange rate between the naira and the US dollar fell drastically on the black market on Friday, trading at an average of N870/$1 according to information from black market traders.

This represents a steep decline of 6.13% compared to N820/$1 recorded in the previous trading session.

The exchange rate at the cryptocurrency peer-to-peer FX market also declined against the US dollar to trade at a minimum of N873.44/$1 on Friday morning. This represents a devaluation of 3.15% in contrast to N846.8/$1 which it traded at the same time on Thursday, 3rd November 2022.

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The exchange rate at the official market closed at N445.75/$1 on Thursday, 3rd November 2022, an appreciation of 0.06% from N446/$1 recorded in the previous trading day.

The opening indicative rate closed at N443.58/$1 on Thursday, 3rd November 2022.

Furthermore, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N445.75/$1, while it traded as low as N431/$1 during intra-day trading.

A total of $166.88 million in FX value was traded at the Investors and Exporters window on Thursday, which is 143.41% higher than the $68.56 million traded on Wednesday