The exchange rate between the naira and the US dollar has declined further at the black market on Monday, 7th November 2022, at a slower pace trading at an average of N875/$1, in contrast to an average of N870/$1 recorded in the previous trading session.
Black market traders made this disclosure when NewsBeatng spoke with some of them on Monday.
NewsBeatng reports that the exchange rate at the cryptocurrency peer-to-peer FX market between the local currency and the US dollar moderated by 1.42% to trade at a minimum of N861/$1 on Monday morning from N873.44/$1 that it traded at the same time on Friday, 4th November, 2022.
Meanwhile, the naira closed against the US dollar on Friday at N445.5/$1, recording a slight upward movement from N445.75/$1 that it closed in the previous trading session.
FX turnover at the I&E window declined by 43.63% to $94.07 million on Friday, as against $166.88 million that was traded on Thursday.
Nigeria’s external reserve recorded a rare upward movement after gaining 0.001% to stand at $37.3658 billion as of 4th November 2022 from $37.3656 recorded as of the previous day.
