The Nigerian currency had a good day on the black market as traders reduced their demands to sell dollars to Nigerians.
Ripples Nigeria checks showed that the exchange rate between the naira and the US dollar strengthened at N790/$1 on Wednesday, November 16, 2022, compared with N800/$1 recorded as of the close of trading activity on Tuesday.
While exchange rates remain highly volatile, they vary from market to market as different traders contact and quote different rates depending on location.
Also read:Dollar plunges in black market as CBN hits $1.8bn against greenback
However, in the official market, the naira continued to underperform against the US dollar.
Fast MDQ The Naira closed at N446.67/$1 against the U.S. dollar at the investor and exporter window on Wednesday, the same as Tuesday’s close, the securities report said.
During the session, participants bid to buy the naira as high as N447.00 and as low as N432.00.
Meanwhile, foreign exchange trading volume in the official market rose slightly to $86.41 million on Wednesday from $84.89 million on Tuesday.
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