Naira falls again against Dollar at black market

The exchange rate between the naira and the US dollar at the black market fell to N743/$1 on Wednesday, a slight depreciation of 0.13% from N742/$1 recorded in the previous trading session.

On the other hand, the naira at the cryptocurrency peer-to-peer FX market appreciated by 0.02% to trade at a minimum of N746.57/$1 on Wednesday morning, against N746.7/$1 traded at the same time on Tuesday.

Meanwhile, the exchange rate between the naira and the US dollar at the I&E official window closed at N441.25/$1 on Tuesday, 18th October 2022, same as recorded in the previous trading session.

READ ALSO: Naira gains marginally, exchanges at 441.25 to dollar

However, the total of FX traded at the I&E window increased by 60.85% to $74.33 million on Tuesday from $46.21 million that exchanged hands on Monday.

Furthermore, an exchange rate of N443/$1 was the highest rate recorded during intra-day trading before it settled at N441.25/$1, while it traded as low as N420/$1 during intra-day trading.

A total of $74.33 million in FX value was traded in the Investors and Exporters window on Tuesday, which is 60.85% higher than the $46.21 million traded on Monday.

Nigeria’s external reserve stood at $37.796 billion as of 17th October 2022, a decline of 0.23% when compared to $37.88 billion recorded the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous intervention by the CBN in the official market to maintain the stability of the local currency.