Naira has fallen to #870/$ report says. This was revealed today, 4th November 2022. This represents a steep decline of 6.13 compared to the #820/$1 recorded in the previous trading session.
The exchange rate at the cryptocurrency peer-peer FX market also declined against the US dollar to trade at a minimum of #873.44/$1 on Friday morning.
This is a devaluation of 3.15% in comparison to #846.8/$1 which it traded at the same time on Thursday. On the other hand, the naira closed against the US dollar on Wednesday at #445.75$1, a slight increase of 0.06% from #446/$ recorded in the previous trading session.
Looking at the investor and Exporter (I&E) window, it improved by 143.41% to close at $166.88 million on Thursday. This is from the $86.56 million that was traded on Wednesday.
Unfortunately, Nigeria’s external reserve dropped further to $37.37 billion as of 1st November 2022. This represents a decline of 0.06% in contrast to the $37.39 billion recorded on Monday 31st October 2022.
Read Also: Naira Crashes to #740/$1 on Black Market
Naira Trading At Official NAFEX Window
It was recorded that the exchange rate at the official market closed at #445.75/$1 on Thursday . This is an appreciation of 0.06% from #446/$1 recorded in the previous trading day.
The opening indicate rate close at #443.58/$1 on Thursday. Report also revealed that the rate of #447/$1 was the highest rate recorded during intra-day trading. This is before it settled at #445.75/$1, while it traded as low as #431/$1 during intra-day trading.
It also revealed a total of $166.88 million in FX value was traded at the Investors and Exporters windows on Thursday. This is 143.41% higher than the $68.56 million traded on Wednesday.
Read Also: Naira May Hit 1,000/$ By December – Experts
November 3rd Report
On the third of November, it was reported naira fell to $820/$1. This represents a 1.23% depreciation in contrast to #810/$1 recorded in the previous trading session.
It also close against the US dollar on Wednesday at N446/$1, the same rate as the previous day. On the other hand, the FX turnover at the I and E window increased by 32.92% to close at $68.56 million on Wednesday. This is from $51.58 million that was traded on Tuesday.
Follow techkudi.com for more news
