The exchange rate between the naira and the US dollar strengthened on Wednesday, closing at N790/$1 compared to N800/$1 recorded as of the close of trading activities on Tuesday.
This information was gathered by NewsBeatng from black market traders. Although the exchange rate remains highly volatile with varying rates across markets.
On the other hand, naira recorded a slight depreciation of 0.13% against the US dollar at the cryptocurrency peer-to-peer FX to close at N796/$1 on Wednesday, from N795/$1 recorded in the previous trading session.
Similarly, the naira closed against the US dollar at N446.67/$1 at the I&E window on Tuesday, representing a depreciation of 0.15% compared to N446/$1 recorded in the previous trading session.
Meanwhile, FX turnover at the official market increased by 32.99% to $84.89 million on Tuesday, from $63.83 million that was traded on Monday. Nigeria’s external reserve fell by 0.06% to stand at $37.18 billion as of 14th November 2022 from $37.2 billion recorded as of the previous day.
NewsBeatng recalled that the exchange rate at the official market closed at N446.67/$1 on Tuesday, 15th November 2022. This represents a slight depreciation of 0.15% in contrast to N446/$1 recorded in the previous trading day.
The opening indicative rate closed at N443.9/$1 on Tuesday, 15th November 2022.
In addition, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N446.67/$1, while it traded as low as N432/$1 during intra-day trading.
A total of $84.89 million in FX value was traded at the Investors and Exporters window on Tuesday, which is 32.99% higher than the $63.83 million traded on Monday.
