Naira fall marginally at the crypto window despite surging at the bootleg market


The exchange rate between the naira and the US dollar at the bootleg or black market surged by 0.13% to exchange at N742/$1 on Thursday,20th October 2022, from N743/$1 as it was in the past couple of days. This is as per data from black market merchants who addressed Newsway reporter in Makurdi.

Then again, the naira at the crypto currency shared FX market fell by 0.29% to exchange at least N748.7/$1 on Thursday morning, when contrasted with N746.57/$1 exchanged simultaneously on Wednesday, 19th October 2022.

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Meanwhile, the exchange rate between the naira and the US dollar at the I&E official window closed at N441.5/$1 on Wednesday, 19th October 2022, a slight fall of 0.06% from N441.25/$1 recorded in the previous trading session.

However, the FX turnover at the I&E window increased by 71.73% to $127.65 million on Wednesday from the $74.33 million that was traded on Tuesday.

Nigeria’s external reserve stood at $37.76 billion as of 18th October 2022, a decline of 0.1% when compared to $37.96 billion recorded the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous intervention by the CBN in the official market to maintain the stability of the local currency.


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