Naira To Dollar At Black Market Depreciates To N800/$1


The exchange rate between the naira and the US dollar fell further for the second day in a row on Tuesday, 15th November 2022, closing at N800/$1.

The exchange rate depreciated by 2.56% in contrast to N780/$1 recorded at the close of trading on Monday.

This is according to information from black market traders.

NewsBeatng reports that the exchange rate varies across various locations and depends on the volume of transactions.

Similarly, naira recorded a slight depreciation of 0.89% against the US dollar at the cryptocurrency peer-to-peer FX to close at N795/$1 on Tuesday, from N788/$1 recorded in the previous trading session.

In the same vein, the naira closed against the US dollar at N446/$1 at the I&E window on Monday, representing a depreciation of 0.06% compared to N445.75/$1 recorded in the previous trading session.

Also, FX turnover at the official market dipped by 74.98% to $63.83 million on Monday, from $255.15 million that was traded on Friday. Nigeria’s external reserve fell by 0.05% to stand at $37.20 billion as of 11th November 2022 from $37.21 billion recorded as of the previous day.

The exchange rate at the official market closed at N446/$1 on Monday, 14th November 2022. This represents a slight depreciation of 0.06% in comparison to N445.75/$1 recorded in the previous trading day.

The opening indicative rate closed at N444.4211 on Monday, 14th November 2022.Furthermore, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N446/$1, while it traded as low as N439.33/$1 during intra-day trading.

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A total of $63.83 million in FX value was traded at the Investors and Exporters window on Monday, which is 74.98% lower than the $255.15 million traded on Friday.

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