Naira To Dollar Sells For N800/$1 At Parallel Market
The exchange rate between the naira and the US dollar moderated at the black market to N800/$1 on Wednesday, representing a 6.43% appreciation when compared to the N855/$1 recorded in the previous trading session.
This was gathered from black market traders.
Meanwhile, the exchange rate still varies largely across the markets based on the location and volume of transactions.
NewsBeatng gathered that at the International Airport Lagos, dollar was sold at the rate of N840/$1 for cash transactions, while few traders sold theirs at the rate of N820/$1.
For inflows, the exchange rate stood at N820 to a dollar on Wednesday morning.
Also, the exchange rate at the cryptocurrency peer-to-peer FX market improved by 5.23% to trade at a minimum of N814.9/$1 on Wednesday morning, from N859.9/$1 that it traded at the same time on Tuesday, 8th November 2022.
On the other hand, the naira closed against the US dollar at N446.1/$1 at the I&E window on Tuesday, representing a depreciation of 0.13% compared to N445.5/$1 that was recorded in the previous trading session.
FX turnover at the official market fell by 64.76% to $72.69 million on Tuesday, from $206.25 million that was traded on Monday.
Nigeria’s external reserve declined by 0.18% to stand at $37.295 billion as of 7th November 2022 in contrast to $37.36 recorded as of the previous day.