Exchange rates between Naira and Dollar on October, 28, 2022

The exchange rate between the naira and the US dollar fell big at the black market on Friday, 28th October 2022, following the announcement of the CBN to design new naira notes for higher denominations during the week.

Naira depreciated to trade at an average of N775/$1 on Friday from N765/$1 recorded in the previous trading session. This is according to information from black market traders who spoke to Nairametrics.

At the same, the exchange rate at the cryptocurrency peer-to-peer FX market dipped by 1.98% to trade at a minimum of N778.9/$1 on Friday morning, compared to N763.78/$1 that it traded at the same time on Thursday, 27th October 2022.

Meanwhile, the exchange rate between the naira and the US dollar at the Investors and Exporters window also fell by 0.64% to close at N444.5/$1, from N441.67/$1 recorded in the previous trading session.

Meanwhile, the FX turnover at the I&E window stood at $100.9 million on Thursday, representing an increase of 24.51% when compared to $81.04 million that was traded on Wednesday. Also, Nigeria’s external reserve stood at $37.49 billion as of 26th October 2022, representing a slight decline of 0.08% when compared to $37.52 billion recorded the previous day.

Trading at the official NAFEX window

The exchange rate at the official market closed at N444.5/$1 on Thursday, 27th October 2022, representing a decline of 0.64% from N441.67/$1 recorded in the previous trading day.

- The opening indicative rate closed at N441.25/$1 on Thursday, 27th October 2022.

- Furthermore, an exchange rate of N450.06/$1 was the highest rate recorded during intra-day trading before it settled at N444.50/$1, while it traded as low as N425/$1 during intra-day trading.

- A total of $100.9 million in FX value was traded in the Investors and Exporters window on Thursday, which is 24.51% higher than the $81.04 million traded on Wednesday.