On November 1, 2022, the naira depreciated against the dollar to exchange N800/$1, according to Nairametrics.
The report revealed that this represents a 0.63% depreciation from N795/$1 recorded in the previous trading session.
This is according to information from black market traders who spoke to Nairametrics.
In the same vein, the exchange rate at the cryptocurrency peer-to-peer FX market dropped further by 2.45% to trade at a minimum of N813/$1 on Tuesday morning, as against N793.6/$1 that it traded at the same time on Monday, 31st October, 2022.
On the other hand, the exchange ate between the naira and the US dollar at the Investors and Exporters window appreciated by 0.39% to close at N443/$1, from N444.75/$1 recorded in the previous trading session.
However, the FX turnover at the I&E window stood at $40.05 million on Monday, representing a decline of 35.29% when compared to $61.89 million that was traded on Friday. Also, Nigeria’s external reserve dropped further to $37.45 billion as of 28th October 2022.
