BREAKING: Naira Gains Massively At Black Market, See New Exchange Rate

Naira has gained massively at Black Market, see the new exchange rate below.

 

Newsonline reports that the exchange rate between the naira and the US dollar closed at an average of N772/$1 on Thursday, 24th November 2022 at the black market, representing a 0.39% gain from N775/$1 recorded in the last two trading sessions.

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This is according to information from black market traders who spoke to Newsonline Nigeria.

 

In the same vein, Newsonline reports that the naira strengthened against the US dollar on Thursday at the cryptocurrency peer-to-peer market, closing at a minimum of N777/$1, representing a 0.24% appreciation from N778.9/$1 that was recorded in the previous trading session.

 

On the other hand, the naira closed weaker against the US dollar at N446/$1 at the I&E window on Wednesday, which represents a 0.11% depreciation from N445.5/$1 recorded on Tuesday. Meanwhile, FX turnover at the official market surged by 95.25% to $145.89 million on Wednesday from $74.72 million that exchanged hands in the previous day.

 

Nigeria’s external reserve dropped slightly by 0.003%, to stand at $37.192 billion as of 22nd November 2022 when compared to $37.193 billion recorded as of the previous day. Nigeria’s foreign reserve level had gained for four consecutive days, before resuming its downtrend on Tuesday.

Trading at the official NAFEX window

The exchange rate at the official market closed at N446/$1 on Wednesday, 23rd November 2022, representing a decline of 0.11% from N445.5/$1 recorded in the previous trading day.

• The opening indicative rate closed at N444.14/$1 on Wednesday, 23rd 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 N435/$1 during intra-day trading.
• A total of $145.89 million in FX value was traded at the Investors and Exporters window on Wednesday, which is 95.25% higher than the $74.72 million traded on Tuesday.