The Nigerian naira appreciated by 2.29% against the dollar at the black market on Tuesday, 8th November 2022, trading at an average of N855/$1 for cash transactions, compared to an average of N875/$1 recorded in the previous trading session.
This is according to information from Bureau De Change operators.
Similarly, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated by 0.13% to trade at a minimum of N859.9/$1 on Tuesday morning, compared to the N861/$1 that it traded at the same time on Monday, 7th November, 2022.
Meanwhile, the naira closed against the US dollar on Monday at N445.5/$1 at the I&E window, the same rate as the previous trading session. FX turnover at the official market surged by 119.25% to $206.25 million on Monday, in contrast to $94.07 million that was traded on Friday. This is the highest volume traded at the I&E window since 29th September 2022.
Nigeria’s external reserve recorded a slight drop of 0.01% to stand at $37.36 billion as of th November 2022 from $37.37 recorded as of the previous day.