It was gathered that the exchange rate still varies across various locations and also depends on the volume of transaction
The naira exchanged N780/$1 on Monday, 14th November 2022.
This comes after the naira had last Friday recorded significant gains exchanging N680/$1.
This is according to information from black market traders who spoke to Nairametrics.
Meanwhile, the exchange rate still varies across various locations and also depends on the volume of transaction. Some FX traders still sell at the rate of N750/$1.
Similarly, naira weakened against the US dollar at the cryptocurrency peer-to-peer FX to N788/$1 on Monday, representing a steep 11.46% decline from N707/$1 recorded in the previous trading session.
However, the naira closed against the US dollar at N445.75/$1 at the I&E window on Friday. This represents a 0.08% appreciation from N446.1/$1 that was recorded in the previous trading session.
FX turnover at the official market surged by 183.66% to $255.15 million on Friday, compared to $89.95 million that was traded on Thursday. Nigeria’s external reserve declined further by 0.067% to stand at $37.221 billion as of 10th November 2022 from $37.247 billion recorded as of the previous day.