The dollar has crashed massively as the naira has recorded big gains at the Black Market.
Glamtush reports that the Nigerian currency, Naira, has appreciated significantly against the US dollar at the parallel section of the foreign exchange market.
This online news understands that the exchange rate between the naira and the US dollar appreciated by 8.72% on Friday, 11th November 2022 to close at N680/$1 from N745/$1 recorded on Thursday. This is according to information from black market traders who spoke to Nairametrics.
In the last four days, the local recorded significant gains against the US dollar from a record low of N900/$1 recorded last week. The exchange rate has now touched its highest level since 19th August 2022. It is worth noting that the rate varies across various locations and depends on the transaction volume.
Similarly, the exchange rate at the cryptocurrency peer-to-peer FX appreciated to N714/$1 on Friday, a 0.56% improvement from N718/$1 recorded in the previous trading session.
However, the naira closed against the US dollar at N446.1/$1 at the I&E window on Thursday. This represents a slight depreciation of 0.1% in contrast to N445.67/$1 that was recorded in the previous trading session.
FX turnover at the official market fell slightly by 3.29% to $89.95 million on Thursday, compared to $93.01 million that was traded on Wednesday. Nigeria’s external reserve declined by 0.07% to stand at $37.247 billion as of 9th November 2022 in contrast to $37.272 billion recorded as of the previous day.
Trading at the official NAFEX window
The exchange rate at the official market closed at N446.1/$1 on Thursday, 10th November 2022, representing a downturn of 0.1% from N445.67/$1 recorded in the previous trading day.
- The opening indicative rate closed at N444.42/$1 on Thursday, 10th November 2022.
- Furthermore, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N446.1/$1, while it traded as low as N415/$1 during intra-day trading.
- A total of $89.95 million in FX value was traded at the Investors and Exporters window on Thursday, which is 3.29% lower than the $93.01 million traded on Wednesday.
