The exchange rate between the naira and the US dollar appreciated slightly at the black market on Friday, 14th October 2022, trading at an average of N731/$1 compared to N732/$1 recorded in the previous trading session.
This is according to information from black market traders who spoke to Nairametrics.
Similarly, the naira at the cryptocurrency peer-to-peer FX market appreciated by 0.28% to trade at a minimum of N737.6/$1 on Friday, against N739.7/$1 traded at the same time on Thursday, 13th October, 2022.
Exchange Rates Between Naira And Dollar Today
On the other hand, the exchange rate between the naira and the US dollar at the I&E official window closed at N441.83/$1 on Thursday, 13th October 2022, representing a 0.26% depreciated compared to N440.6/$1 recorded on Wednesday.
Meanwhile, a total of $64.8 million in forex was traded on Thursday, a decrease of 32.1% compared to $95.39 million that was traded on Wednesday.
Nigeria’s external reserve stood at $37.95 billion as of 12th October 2022, representing a decline of 0.33% when compared to $38.07 billion recorded as of 7th October 2022. 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.