Exchange rates between the naira and dollar on 11th October 2022.
Newsonline reports that the exchange rate between the naira and the US dollar traded at an average of N730/$1 at the black market, on Tuesday, 11th October 2022, representing a 0.14% appreciation from N731/$1 recorded on Monday.
This is according to information from black market traders who spoke to NewsOnline in Ogba, Lagos Nigeria.
The naira at the cryptocurrency peer-to-peer FX market depreciated marginally by 0.12% to trade at a minimum of N732.8/$1 on Tuesday morning, against N731.94/$1 traded at the same time on Monday, 10th October 2022.
In the same vein, the exchange rate between the naira and the US dollar at the I&E official window depreciated to its lowest level, falling by 0.58% to close at N439.17/$1 on Friday, 7th October 2022, compared to N436.63/$1 recorded on Thursday.
Meanwhile, a total of $99.7 million in forex was traded on Friday, 7th October 2022, recording a slight drop of 1.03% as against $100.74 million that exchanged hands in the previous session. There was no trading activity at the official market on Monday, due to the public holiday declared by the federal government in commemoration of Id el Maulud celebration.
Nigeria’s external reserve stood at $38.1 billion as of 6th October 2022, a slight decline of 0.03% when compared to $38.11 billion recorded as of the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous intervention by the CBN in the official market to maintain the stability of the local currency.
Trading at the official NAFEX window
The exchange rate at the official market closed at N439.17/$1 on Friday, 7th October 2022, from N436.63/$1 recorded in the previous session.
- The opening indicative rate closed at N437/$1 on Friday, 7th October 2022, same as recorded on Thursday.
- Furthermore, an exchange rate of N450.07/$1 was the highest rate recorded during intra-day trading before it settled at N439.17/$1, while it traded as low as N422/$1 during intra-day trading.
- A total of $99.7 million in FX value was traded in the Investors and Exporters window on Friday, which is 1.03% lower than the $100.74 million that exchanged hands in the last trading session.