BUSINESS

Naira Appreciates To N735/$1 At Parallel Market

The exchange rate between the naira and the US dollar closed at an average of N735/$1 on Friday, at the black market, representing a 0.68% 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 N738.25/$1, representing a 0.64% gain from N743/$1 recorded on Thursday, 1st December 2022.

Meanwhile, the exchange rate at the official Investors and Exporters window appreciated marginally on Friday, closing at N445.33/$1 compared to N445.83/$1 recorded in the previous session. On the other hand, forex turnover surged by 59.8% to $159.02 million on the day under review.

Nigeria’s external reserve dipped further for the seventh consecutive day on Wednesday, 30th November 2022, declining by 0.013% to stand at $37.11 billion from $37.12 billion recorded as of the previous day.

However, the exchange rate at the official market closed at N445.33$1 on Friday, a 0.11% improvement from N445.83/$1 recorded on Thursday

The opening indicative rate closed at N444.75/$1 on Friday.

Furthermore, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N445.33/$1, while it traded for as low as N440/$1 during intra-day trading.

A sum of $159.02 million in FX value was traded at the Investors and Exporters, a 59.8% increase compared to $99.5 million that exchanged hands in the previous session.

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