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Black Market Exchange Rate Falls to N870/$1 - Nairametrics

Posted by Thandiubani on Fri 04th Nov, 2022 - tori.ng

The Naira has continued its tumble against the dollar at the black market.

 
The naira has exchanged N870/$1 on Friday 4th November, 2022 at the black market.
 
This information is according to traders who spoke to Nairametrics.
 
Naira had exchanged N820/$1 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.
 
On the other hand, the naira closed against the US dollar on Wednesday at N445.75/$1, a slight appreciation of 0.06% from N446/$1 recorded in the previous trading session. Meanwhile, the FX turnover at the I&E window improved by 143.41% to close at $166.88 million on Thursday, from $68.56 million that was traded on Wednesday.
 
However, Nigeria’s external reserve dropped further to $37.37 billion as of 1st November 2022, representing a decline of 0.06% in contrast to $37.39 billion recorded on Monday 31st October 2022.
 


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