The exchange rate between the naira and the US dollar at the black market fell significantly by 1.75% to trade at N755/$1 on Friday, 21st October 2022, when compared to N742/$1 recorded in the previous trading session. This is according to information from black market traders who spoke to Nairametrics.
Likewise, the naira at the cryptocurrency peer-to-peer FX market traded at a minimum of N751.99/$1 on Friday morning, a depreciation of 0.44% as against N748.7/$1 traded at the same time on Thursday, 20th October 2022.
Meanwhile, the exchange rate between the naira and the US dollar at the I&E official window appreciated slightly by 0.08% to close at N441.13/$1 on Thursday, 20th October 2022, from N441.5/$1 recorded in the previous trading session.
Exchange Rates Between Naira And Dollar Today
However, the FX turnover at the I&E window dipped by 14.95% to $108.56 million on Thursday from the $65 million that was traded on Wednesday.
Nigeria’s external reserve stood at $37.71 billion as of 19th October 2022, 0.12% decline compared to $37.76 billion recorded 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 local currency’s stability.
The exchange rate at the official market closed at N441.13/$1 on Thursday, 20th October 2022, a 0.08% appreciation from N441.5/$1 recorded in the previous trading day.
The opening indicative rate closed at N440/$1 on Thursday, 20th October 2022.
Furthermore, an exchange rate of N442/$1 was the highest rate recorded during intra-day trading before it settled at N441.13/$1, while it traded as low as N423/$1 during intra-day trading.
A total of $108.56 million in FX value was traded in the Investors and Exporters window on Thursday, which is 14.95% lower than the $127.65 million traded on Wednesday.