Black Market Exchange Rate Depreciates To N800/$1 On 16th November 2022 

The exchange rate between the naira and the US dollar fell further for the second day in a row on Wednesday, 16th November 2022, closing at N800/$1. The exchange rate depreciated by 2.56% in contrast to N780/$1 recorded at the close of trading on Tuesday.

This is according to information from black market traders who spoke with our media . It is worth noting that the exchange rate varies across various locations and depends on the volume of transactions.

Similarly, naira recorded a slight depreciation of 0.89% against the US dollar at the cryptocurrency peer-to-peer FX to close at N795/$1 on Tuesday, from N788/$1 recorded in the previous trading session.

In the same vein, the naira closed against the US dollar at N446/$1 at the I&E window on Monday, representing a depreciation of 0.06% compared to N445.75/$1 recorded in the previous trading session.

Also, FX turnover at the official market dipped by 74.98% to $63.83 million on Tuesday, from $255.15 million that was traded on Friday. Nigeria’s external reserve fell by 0.05% to stand at $37.20 billion as of 11th November 2022 from $37.21 billion recorded as of the previous day.

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