The value of Nigeria’s currency, the naira continued to fall on Friday as the exchange rate between the naira and the US dollar stood at N895/$1 at the parallel market popularly known as the black market.
This is according to the data on Aboki Forex platform which tracks the exchange rate at the parallel market.
Similarly, British pounds exchanged on Friday at N985
At the I & E Window on Friday, the official rate opened the day at N442.88/$1 and closed at N445.5/$1.
The spot rate exchanged as high as N447.5/$1 and as low as N431/$1 whereas the forward rate stood at N464.05/US dollar on Friday.
A total of $94.07 million in FX value was traded on Friday at the I & E Window. This is lower than Thursday’s value of $166.88
However, Nigeria’s external reserve dropped further to $37.37 billion as of 1st November 2022, representing a decline of 0.06% in contrast to $37.39 billion recorded on Monday 31st October 2022.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
