Naira Depreciates Further Against Dollar, Exchanges At N820/$1

The naira has continued a free fall against the dollar to exchange N820/$1 on Thursday, 3rd November 2022.

It had traded N810/$1 yesterday, representing a 1.23% depreciation, according to information from black market traders who spoke to the media.

The exchange rate at the cryptocurrency peer-to-peer FX market also nosedived against the US dollar to trade at a minimum of N846.8/$1 on Thursday morning.

This represents a dip of 2.27% when compared to N828/$1 which it traded at the same time on Wednesday, 2nd November 2022. 

Also, the naira closed against the US dollar on Wednesday at N446/$1, the same rate as the previous day. Meanwhile, the FX turnover at the I&E window appreciated by 32.92% to close at $68.56 million on Wednesday, from $51.58 million that was traded on Tuesday.

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Photo Credit: Getty

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