Naira Gains At Black Market, Exchanges At N855/$1 On 8th November 2022

Naira has gained at the Black Market as it exchanged at N855/$1 on 8th November 2022.

 

NewsOnline reports that the exchange rate between the naira and the US dollar improved by 2.29% at the black market on Tuesday, 8th November 2022, trading at an average of N855/$1 for cash transactions, compared to an average of N875/$1 recorded in the previous trading session.

 

This is according to information from black market traders who spoke to our correspondent in Lagos and Abuja.

 

Also, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated by 0.13% to trade at a minimum of N859.9/$1 on Tuesday morning, compared to the N861/$1 that it traded at the same time on Monday, 7th November 2022.

 

Meanwhile, NewsOnline reports that the naira closed against the US dollar on Monday at N445.5/$1 at the I&E window, the same rate as the previous trading session. FX turnover at the official market surged by 119.25% to $206.25 million on Monday, in contrast to $94.07 million that was traded on Friday. This is the highest volume traded at the I&E window since 29th September 2022.

 

NewsOnline further gathered that Nigeria’s external reserve recorded a slight drop of 0.01% to stand at $37.36 billion as of November 2022 from $37.37 recorded as of the previous day.

Trading at the official NAFEX window

The exchange rate at the official market closed at N445.5/$1 on Monday, 7th November 2022, the same rate recorded in the previous trading day.

• The opening indicative rate closed at N444.08/$1 on Monday, 7th November 2022.
• Furthermore, an exchange rate of N461/$1 was the highest rate recorded during intra-day trading before it settled at N445.5/$1, while it traded as low as N439.98/$1 during intra-day trading.
• A total of $206.25 million in FX value was traded at the Investors and Exporters window on Monday, which is 119.25% higher than the $94.07 million traded on Friday.