Naira Gains Massively at Parallel Market as Exchange Rate Closed at N680/$1on Friday

Alt: = "Naira and dollar notes"

The Nigerian naira recorded huge gain against the US dollar on Friday, 11th November 2022 as exchange rate closed at N680/$1 from N745/$1 recorded on Thursday, which represents 8.72% appreciation. 

This is according to information from some black market traders in Lagos.

The local currency has recorded consecutive significant gains against the US dollar for the  past four days from an all-time record low of N900/$1 recorded last week. 

Note that, the rate varies across various locations and depends on the volume of transaction

Similarly, naira appreciated by 0.56% at cryptocurrency peer-to-peer FX   closing at N714/$1 on Friday, 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, losing 0.1% when compared 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.

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