The national currency, the Naira continued its impressive rally on Friday as it appreciated by 8.72% on Friday, 11th November 2022 to close at N680/$1 from N745/$1 recorded on Thursday, Fedredsnews checks at black market spots in Lagos reveal.
The latest performance is a cheering news to Nigerians who are already feeling the pangs of a weakened currency and a struggling economy.
At Marina in Lagos, the Naira exchanged for N680/41 while the rate was N683/$1 in Marina, Lagos. Analysts project that the impressive trajectory of the national currency will continue in the coming days.
However, the naira closed against the US dollar at N446.1/$1 at the I&E window on Thursday. This represents a slight depreciation of 0.1% in contrast to N445.67/$1 that was recorded in the previous trading session.
FX turnover at the official market fell slightly by 3.29% to $89.95 million on Thursday, compared to $93.01 million that was traded on Wednesday. Nigeria’s external reserve declined by 0.07% to stand at $37.247 billion as of 9th November 2022 in contrast to $37.272 billion recorded as of the previous day.