By Tolulope Oke
The exchange rate between the naira and the US dollar increased to N735/$1 at the black market, on Friday, 7th October 2022, representing an increase of N2 from N733/$1 recorded in the previous trading session.
This is according to currency traders in Lagos.
In a similar vein, the naira to dollar exchange rate at the Investors and Exporters (I&E) official window increased somewhat by 0.2% to settle at N436.63/$1 on Thursday from N437.5/$1 observed on Wednesday.
The Eagle observed that a total of $100.74 million was traded, up from $70.42 million the day before. This is a 43.06% gain.
Nigeria’s foreign reserve was $38.11 billion as of October 5, 2022, a minor decrease of 0.08% from the $38.14 billion reported the day before. Due to the CBN’s ongoing involvement in the official market to preserve the stability of the local currency, the country’s foreign reserve has been on the decline.
- READ ALSO: Exchange Rate Today, 6th October 2022
- READ ALSO: Dollar To Naira Exchange, Today 5th October
In the peer-to-peer FX market, the Naira slightly appreciated to trade at N729.87/$1 on Friday morning, against N730/$1 traded at the same time on Thursday, 6th October 2022.
While in the Central Bank of Nigeria’s (CBN) foreign exchange segment, the local currency closed trades at N434.22 yesterday in contrast to N433.9 recorded on Wednesday, representing a decline of 0.07 per cent.
Binance Coin (BNB), fell by 2.3% to trade at $286.24, Litecoin (LTC), fell by 0.9% to trade at $53.75, Dogecoin (DOGE), fell by 0.7% to trade at $0.0639, Bitcoin (BTC), fell by 0.3% to trade at $19,987.33, Solana (SOL), fell by 0.2% to trade at $33.68, and Cardano (ADA),
But Ripple (XRP) gained 0.9 per cent to trade at $0.4985, and Ethereum (ETH) improved by 0.8 per cent to $1,359.56, while Binance USD and the US Dollar Tether (USDT) retained the pared level of $1.00.
Cami Ezenwa is a writer, editor and concepts developer. He has worked with the Daily Times, Daily Independent, Financial Standard and Business Television, to mention a few.
Committed to grooming the next generation of impactful writers, he is an apostle of free flowing prose.
