Naira recorded a massive boost against the US dollar on Thursday at the cryptocurrency peer-to-peer (P2P) FX market, closing at N718 to a dollar from N814.9/$1 recorded in the previous trading session. The exchange rate appreciated by 11.89% in 24 hours.
Similarly, the exchange rate between the naira and the US dollar appreciated at the black market to close at N745/$1 on Thursday, 10th November 2022, representing a 6.88% gain when compared to the N800/$1 recorded in the previous trading session.
This is according to information from black market traders who spoke to Nairametrics.
Meanwhile, the exchange rate still varies largely across the markets based on the location and volume of transactions. According to information from FX traders, the exchange rate traded between N780/$1 and N800/$1 during the day, before closing at an average of N740 to a dollar.
Also, the naira closed against the US dollar at N445.67/$1 at the I&E window on Wednesday, representing a 0.1% appreciation compared to N446.1/$1 that was recorded in the previous trading session. FX turnover at the official market improved by 27.95% to $93.01 million on Wednesday, from $72.69 million that was traded on Tuesday.
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Nigeria’s external reserve declined by 0.06% to stand at $37.27 billion as of 8th November 2022 in contrast to $37.29 billion recorded as of the previous day.
Trading at the official NAFEX window
The exchange rate at the official market closed at N445.67/$1 on Wednesday, 9th November 2022, representing a 0.1% improvement from N446.1/$1 recorded in the previous trading day.
The opening indicative rate closed at N444/$1 on Wednesday, 9th November 2022.
Furthermore, an exchange rate of N447.09/$1 was the highest rate recorded during intra-day trading before it settled at N445.67/$1, while it traded as low as N432/$1 during intra-day trading.
A total of $93.01 million in FX value was traded at the Investors and Exporters window on Wednesday, which is 27.95% higher than the $72.69 million traded on Tuesday.
( Nairametrics)
