The exchange rate between the naira and the US dollar at the blackmarket remained flat N742/$1 on Tuesday, 18th October 2022, having depreciated by 1.5% 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 FXmarket depreciated by 0.81% to trade at a minimum of N746.7/$1 on Tuesday morning, against N740.67/$1 traded at the same time on Monday, 17th October 2022.
Meanwhile, the exchange rate between the naira and the US dollar at the I&E official window closed at N441.25/$1 on Monday, 17th October 2022, representing a slight gain of 0.03% compared to N441.38/$1 recorded in theprevious trading session.
Exchange Rates Between Naira And Dollar Today
However, the amount of traded FX at the I&E window fell to itslowest level in the month of October, dropping by 33.2% to $46.21 million onMonday from $69.18 million that exchanged hands last week Friday.
Nigeria’s external reserve stood at $37.88 billion as of 14th October2022, a decline of 0.06% when compared to $37.91 billion recorded in theprevious day. The nation’s foreign reserve has been on a downward trend due tothe continuous intervention by the CBN in the official market to maintain thestability of the local currency.
Trading at the official NAFEX window
The exchange rate at the official market closed atN441.25/$1 on Monday, 17th October 2022, starting the week with a 0.03%appreciation compared to N441.38/$1 recorded last week Friday.
The opening indicative rate closedat N439.63/$1 on Monday, 17th October 2022.
Furthermore, an exchange rate of N442.5/$1was the highest rate recorded during intra-day trading before it settled at N441.25/$1,while it traded as low as N425/$1 during intra-day trading.