The exchange rate between the naira and the US dollar fell at the black market on Wednesday, 2nd November 2022, trading at an average of N810/$1, representing a depreciation of 1.25% as against N800/$1 recorded in the previous trading session.
This is according to information from black market traders who spoke to press.
In the same vein, the exchange rate at the cryptocurrency peer-to-peer FX market dipped by 1.85% to trade at a minimum of N828/$1 on Wednesday morning, from N813/$1 that it traded at the same time on Tuesday, 1st November, 2022.
Also, the exchange rate at the Investors and Exporters window depreciated by 0.68% to close at N446/$1, in contrast to N443/$1 recorded in the previous trading session. This represents the lowest level of the local currency at the official market.
Meanwhile, the FX turnover at the I&E window stood at $51.58 million on Tuesday, an increase of 28.79% from the $40.05 million that was traded on Monday. However, Nigeria’s external reserve dropped further to $37.39 billion as of 31st October 2022, representing a decline of 0.16% when compared to $37.45 billion recorded on Friday 28th October 2022.
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