Black market: Naira falls by 17.6% in four days

Joy Onuorah
Joy Onuorah

The Nigerian naira’s value has decreased against the US dollar, closing at N780/$1 just dollat

According to information provided to Nairametrics by black market dealers, naira fell by 17.6% today in comparison to the Friday closing rate of N680/$1.

While this is going on, the exchange rate is still different in different places and is also based on the number of transactions. Still, some FX dealers sell at a cost of N750 to $1.

At the cryptocurrency peer-to-peer FX, the naira also declined against the US dollar, falling sharply 11.46% to N788/$1 on Monday from N707/$1 in the previous trading session.

But on Friday at the I&E window, the naira and the US dollar closed at N445.75/$1. From N446.1/$1 in the previous trading session, this is an increase of 0.08%.

Compared to Thursday, when $89.95 million worth of foreign exchange was traded, Friday’s official market turnover increased by 183.66% to $255.15 million. Nigeria’s external reserve decreased further by 0.067% to $37.221 billion as on November 10th, 2022, down from $37.247 billion the day before.

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