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Naira Decline Deepens, Trades For 760/$1

The exchange rate between the naira and the US dollar fell at the black market traded at an average of N760/$1 at the black market on Wednesday, 26th October 2022.

This represents an 0.66% depreciation from N755/$1 recorded on Tuesday

According to a report by Narametrics, this is according to information from black market traders.

On the other hand, the naira at the cryptocurrency peer-to-peer FX market appreciated by 0.76% to trade at a minimum of N756.3/$1 on Wednesday morning, as against N762.1/$1 that it traded at the same time on Tuesday, 25th October 2022. 

However, the exchange rate between the naira and the US dollar at the I&E official window fell slightly by 0.07% to close at N441.67/$1 on Tuesday, 25th October 2022, when compared to N441.38/$1 recorded in the previous trading session. 

Meanwhile, the FX turnover at the I&E window appreciated marginally by 101.19% to $79.41 million on Tuesday when compared to $39.47 million that was traded on Monday. Also, Nigeria’s external reserve stood at $37.56 billion as of 24th October 2022, representing a decline of 0.24% in contrast to $37.65 billion recorded the previous day.   

The exchange rate at the official market closed at N441.67/$1 on Tuesday, 25th October 2022, a 0.07% depreciation from N441.38/$1 recorded in the previous trading day. 

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