Parallel Market: Naira Gains Weight At N740/$1


The exchange rate between the naira and the US dollar closed at an average of N740/$1 on Thursday, at the black market, representing a 3.52% gain compared to the previous day rate, and its strongest level in three weeks.

This was based on information gathered from black market traders.

NewsBeatng  reports that the value of the naira appreciated against the US dollar at the cryptocurrency peer-to-peer market, closing at a minimum of N743/$1 on Thursday afternoon, representing a 1.8% gain from N757/$1 recorded on Wednesday, 30th November 2022.

Meanwhile, naira closed flat against the US dollar on Wednesday, 30th November 2022 at N445.3/$1 at the official Investors and Exporters window, the same as recorded in the previous session.

A sum of $177.44 million was traded at the official market on Wednesday, which is 63.81% higher than the $108.32 million traded on Tuesday.

Nigeria’s external reserve dipped further for the fifth consecutive day on Monday, 28th November 2022, declining by 0.13% to stand at $37.12 billion from $37.17 billion recorded as of the previous day.

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