Dollar To Naira Rate Today, 28th October 2022

The exchange between the Dollar to Naira rate today, 28th October 2022 in the black market sector shed N4 to trade at N769/$1 compared with the preceding day’s value of N765/$1. This is according to currency traders in Lagos.

The depreciation occurs as a result of the Central Bank of Nigeria’s (CBN) decision to redesign the N200, N500, and N1,000 banknotes.

The apex bank announced on Wednesday that the new Naira notes would go into circulation starting on December 15, 2022, and that the present notes would be completely replaced by the new ones by January 31, 2023.

In the peer-to-peer (p2p) currency exchange segment, the local currency slumped by  N5 to trade at N780 today as against N750/$1 it closed trade this time yesterday.

Also, in the Investors and Exporters Window (I & E), the Naira depreciated against the US Dollar by 0.64 per cent to close at N444.50/$1 compared with the previous day’s N441.67/$1.

A total of $100.90 million worth of transactions were carried out during the session, up from the $81.04 million ($19.50 million) ($81.04 million) that were finished during the midweek session.

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In the CBN’s foreign exchange segment, the Naira slumped by 0.08 per cent to settle at N438.5 yesterday compared to N438.16 it closed trade on Wednesday.

Initial US Dollar rate was noted as ₦437.68 at the beginning of this week on Monday, October 24, 2022. This makes a 0.19% increase for Dollar rate against Naira in CBN this week.