The exchange rate between the naira and the US dollar traded at an average of N730/$1 at the black market, on Wednesday, 12th October 2022, the same as recorded in the previous trading session.
This is according to information from black market traders who spoke to Nairametrics.
The naira at the cryptocurrency peer-to-peer FX market depreciated by 0.76% to trade at a minimum of N738.39/$1 on Wednesday morning, against N732.8/$1 traded at the same time on Tuesday, 11th October 2022.
The exchange rate between the naira and the US dollar at the I&E official window closed at N441.17/$1 on Tuesday, 11th October 2022, following the public holiday held on Monday, in which there was no trading activity
Meanwhile, a total of $73.66 million in forex was traded on Tuesday, 11th October 2022, with 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 $38.07 billion as of 7th October 2022, representing a depreciation of 0.07% when compared to $38.099 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.
The exchange rate at the official market closed at N441.17/$1 on Tuesday, 11th October 2022, representing a 0.46% depreciation compared to N439.17/$1 recorded in the previous trading session.
The opening indicative rate closed at N439.4/$1 on Tuesday, 11th October 2022.
Furthermore, an exchange rate of N443.5/$1 was the highest rate recorded during intra-day trading before it settled at N441.17/$1, while it traded as low as N414/$1 during intra-day trading.
A total of $73.66 million in FX value was traded in the Investors and Exporters window on Tuesday, following the public holiday declared on Monday, thereby preventing trading activities.