The exchange rate between the naira and the US dollar moderated to N728/$1 at the black market, on Thursday, 6th October 2022, representing a slight appreciation of 0.27% from the N730/$1 recorded in the previous trading session.
This is according to information obtained from black market traders who spoke to Nairametrics.
Meanwhile, the naira at the cryptocurrency peer-to-peer FX market traded at a minimum of N729.96/$1 on Thursday morning, representing a slight gain of 0.05% from N730.3/$1 traded at the same time on Wednesday, 5th October 2022.
On the other hand, the exchange rate at the official market depreciated slightly to close at N437.5/$1 on Wednesday, 5th October 2022, a slight depreciation of 0.06% as against N437.25/$1 recorded on Tuesday, and the highest rate on record.
Exchange Rates Between Naira and Dollar Today
A sum of $70.42 million was traded on Wednesday, 5th October 2022, recording a drop of 34.94% from $108.24 million that exchanged hands in the previous trading session.
Nigeria’s external reserve stood at $38.14 billion as of 4th October 2022, representing a depreciation of 0.3% when compared to $38.25 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.