Dollar To Naira Rate, Today 17th October, 2022

By Tolulope Oke

The exchange rate between the naira and the US dollar has fallen to a record low on the black market, trading at a minimum of N740.58/$1 today, 17th October. This is according to information from black market operatives in Lagos and Ibadan.

Additionally, the conversion rate at the peer-to-peer cryptocurrency market dropped from N738.2/$1 last Friday to N740.67/$1 on Monday morning.

Meanwhile, in the official Investors and Exporters (I & E) window, the closing exchange rate rose for the local currency on Friday to settle at N442.5/$1, compared to N450/$1 which settled on Thursday.

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A total of $303.03 million in FX value was traded at the official market last week, compared to $379.1 million that exchanged hands in the previous week. The highest daily forex turnover was recorded on Wednesday, 12th October, when a sum of $95.39 million exchanged hands.

In the Central Bank of Nigeria foreign exchange segment, the local currency slumped by 0.08 per cent on Friday to trade at N436.06 in contrast to N435.7.

Looking at the whole month, Dollar to Naira exchange rate was noted as ₦433.54 in CBN lists on Tuesday, October 04, 2022 at the start of this month. With USD rate set at ₦436.06 now, we see a 0.58% increase for US Dollar to Naira exchange rates in CBN for this October.