Parallel market exchange rate falls to N875/$1
The exchange rate between the naira and the US dollar declined further at the parallel market on Monday albeit at a slower pace trading at an average of N875/$1.
The local currency was trading at an average price of N870/$1 in the previous trading session the previous week.
The naira at the official rate closed against the US dollar on Monday at N440.53/$1, recording a slight upward movement from N440.26/$1 that it closed in the previous trading session.
Meanwhile, FX turnover at the I&E window declined by 43.63per cent to $94.07 million on Friday, as against $166.88 million that was traded on Thursday.
Nigeria’s external reserves recorded a rare upward movement after gaining 0.001per cent to stand at $37.3658 billion as of 4th November 2022 from $37.3656 recorded as of the previous day.
A total of $94.07 million in FX value was traded at the Investors and Exporters window on Friday, which is 43.63per cent lower than the $166.88 million traded on Thursday.
