The exchange rate between the naira and the US dollar depreciated marginally to N730/$1 at the black market, on Friday, 7th October 2022, representing a decline of 0.27% from N728/$1 recorded in the previous trading session.
This is according to information from black market traders who spoke to Nairametrics.
On the other hand, the naira at the cryptocurrency peer-to-peer FX market appreciated slightly by 0.02% to trade at a minimum of N729.8/$1 on Friday morning, against N729.96/$1 traded at the same time on Thursday, 6th October 2022.
Also, the exchange rate between the naira and the US dollar at the I&E official window appreciated slightly by 0.2% to close at N436.63/$1 on Thursday, 6th October 2022, from N437.5/$1 recorded on Wednesday.
Exchange Rates Between Naira And Dollar Today
A sum of $100.74 million exchanged hands on Thursday, representing an increase of 43.06% from $70.42 million that was traded in the previous session.
Nigeria’s external reserve stood at $38.11 billion as of 5th October 2022, representing a slight decline of 0.08% when compared to $38.14 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 N436.63/$1 on Thursday, 6th October 2022, from N437.5/$1 recorded in the previous session.
The opening indicative rate closed at N437/$1 on Thursday, 6th October 2022, the same as recorded on Wednesday.
Furthermore, an exchange rate of N442/$1 was the highest rate recorded during intra-day trading before it settled at N436.63/$1, while it traded as low as N434.61/$1 during intra-day trading.
A total of $100.74 million in FX value was traded in the Investors and Exporters window on Thursday, which is 43.06% higher than the $70.42 million that exchanged hands in the last trading session.
Source: Nairametrics