Naira Appreciates Slightly In Black Market Trading

The exchange rate between the naira and the US dollar closed at an average of N773/$1 on Monday, 28th November 2022 at the black market, representing a 0.64% appreciation as against N778/$1 recorded last week Friday.

This is according to information from black market traders who spoke to Nairametrics.

Also, naira improved against the US dollar on Monday at the cryptocurrency peer-to-peer market, closing at a minimum of N776.8/$1, appreciating by 0.15% from N777.99/$1 that was recorded in the previous trading session.

Outside the black market it was reported that the naira depreciated against the US dollar on Friday, 25th November 2022 to close at N446.33/$1 at the I&E window, which represents a 0.3% depreciation from N445/$1 recorded in the previous trading session. A total of $117.26 million was traded at the official market on Friday, which is 19.62% lower than the $145.89 million traded on Thursday.

Nigeria’s external reserve dropped slightly by 0.01%, to stand at $37.181 billion as of 24th November 2022 in contrast to $37.186 billion recorded as of the previous day. 

Trading at the official NAFEX window

The exchange rate at the official market closed at N446.33/$1 on Friday, 25th November 2022, representing a 0.3% depreciation compared to the closing rate of N445/$1 recorded in the previous trading session.

Source: Nairametrics

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