Naira gains to N735/$1 at black market

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THE exchange rate between the naira and the US dollar closed at an average of N735/$1 on Friday, 2nd December 2022 at the black market, representing a 0.68% gain compared to the previous day’s rate, and its strongest level in three weeks.

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

Also, the value of the naira appreciated against the US dollar at the cryptocurrency peer-to-peer market, closing at a minimum of N738.25/$1 on Friday, representing a 0.64% gain from N743/$1 recorded on Thursday, 1st December 2022.

Meanwhile, the exchange rate at the official Investors and Exporters window appreciated marginally on Friday, closing at N445.33/$1 compared to N445.83/$1 recorded in the previous session. On the other hand, forex turnover surged by 59.8% to $159.02 million on the day under review.

Nigeria’s external reserve dipped further for the seventh consecutive day on Wednesday, 30th November 2022, declining by 0.013% to stand at $37.11 billion from $37.12 billion recorded as of the previous day.

The exchange rate at the official market closed at N445.33$1 on Friday, 1st December 2022, a 0.11% improvement from N445.83/$1 recorded on Thursday.