Home Capital Market Naira Continues Depreciation Against Dollar, See Latest Exchange Rate

Naira Continues Depreciation Against Dollar, See Latest Exchange Rate

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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.

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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.

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