By Munachimso Obienyi
The exchange rate between the naira and the US dollar traded at an average of N730/$1 at the parallel market, representing a 0.14 per cent appreciation from N731/$1 recorded on Monday.
This is according to information from black market traders who spoke to NwafoLive.
In the same vein, the exchange rate between the naira and the US dollar at the I&E official window depreciated to its lowest level, falling by 0.58% to close at N439.17/$1 on Friday, 7th October 2022, compared to N436.63/$1 recorded on Thursday.
Meanwhile, a total of $99.7 million in forex was traded on Friday, 7th October 2022, recording a slight drop of 1.03% as against $100.74 million that exchanged hands in the previous session.
There was no trading activity at the official market on Monday, due to the public holiday declared by the federal government in commemoration of Id el Maulud celebration.
Nigeria’s external reserve stood at $38.1 billion as of 6th October 2022, a slight decline of 0.03% when compared to $38.11 billion recorded as of the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous intervention by the CBN in the official market to maintain the stability of the local currency.
