Daily Dollar to Naira Exchange rates Tracker on 2nd November 2022
The exchange rate between the naira and the US dollar fell at the black market on Wednesday, 2nd November 2022, trading at an average of N810/$1, representing a depreciation of 1.25% as against N800/$1 recorded in the previous trading session.
In the same vein, the exchange rate at the cryptocurrency peer-to-peer FX market dipped by 1.85% to trade at a minimum of N828/$1 on Wednesday morning, from N813/$1 that it traded at the same time on Tuesday, 1st November, 2022.
Also, the exchange rate at the Investors and Exporters window depreciated by 0.68% to close at N446/$1, in contrast to N443/$1 recorded in the previous trading session. This represents the lowest level of the local currency at the official market.
Meanwhile, the FX turnover at the I&E window stood at $51.58 million on Tuesday, an increase of 28.79% from the $40.05 million that was traded on Monday. However, Nigeria’s external reserve dropped further to $37.39 billion as of 31st October 2022, representing a decline of 0.16% when compared to $37.45 billion recorded on Friday 28th October 2022.
Trading at the official NAFEX window
The exchange rate at the official market closed at N446/$1 on Tuesday, 1st November 2022, representing a depreciation of 0.68% from N443/$1 recorded in the previous trading day.
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The opening indicative rate closed at N443.58/$1 on Tuesday, 1st November 2022.
Furthermore, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N446/$1, while it traded as low as N424/$1 during intra-day trading.
A total of $51.58 million in FX value was traded at the Investors and Exporters window on Tuesday, which is 28.79% higher than the $40.05 million traded on Monday