Naira gains marginally at black market, now N775/$1

The exchange rate between the naira and the US dollar appreciated at the black market on Tuesday to close at N775/$1.

The exchange appreciated by 0.64% when compared to N780/$1 in the previous day’s trading activities.

In the same vein, the local currency strengthened against the US dollar on Tuesday at the cryptocurrency peer-to-peer market, closing at N784.2/$1, representing a 0.355% improvement against N786.99/$1 that was recorded in the previous trading session.

Also, the naira closed against the US dollar at N445.38/$1 at the I&E window on Monday, representing a 0.07 per cent appreciation from N445.67/$1 recorded in the previous trading activities.

Meanwhile, FX turnover at the official market reduced by 15.33% to $83.57 million on Monday, from $98.7 million that was traded on Friday.

Nigeria’s external reserve improved slightly by 0.003%, to stand at $37.193 billion as of 21st November 2022 in comparison to $37.192 billion recorded as of the previous day.

Furthermore, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N445.38/$1, while it traded as low as N440/$1 during intra-day trading.

A total of $83.57 million in FX value was traded at the Investors and Exporters window on Monday, which is 15.33% lower than the $98.7 million traded on Friday.