Naira Falls Again to Dollar at N745/US$1

Naira to Dollar exchange rate fell under pressure again on Monday, 17 October 2022, due to low revenue generation and scarcity of foreign exchange.

Naira exchanged at N745 to a United States Dollar in the black market, representing a N3 decline from N742 it traded on Friday.

In the black market, the Nigerian Naira traded at N745 to the United States Dollar, down by N3 from 742 Friday’s exchange.

Also Read: FG Raised N2.44trn Via Bonds To Bridge Budget Deficit In 9 Months

At the Investors & Exporters (I&E) foreign exchange window, the Naira opened at N440.00 against the United States Dollar on Friday before closing at N441.38. Check here later today for today’s update.

Currency traders at the Investors and Exporters forex window traded $69.18 million worth of transactions during the trading session of Friday.

As the Nigerian Naira exchange rate against its global counterparts drop in value, the high inflation rate amid surging interest rate continues to drag on the Nigerian economy ahead of the 2023 general elections.

Also, the biggest capitalized cryptocurrency Bitcoin (BTC) jumps above $19,000 on Monday, it improved by 1.45% in the last 24 hours to $19,398.45 a coin.

While Eth, the token of the Ethereum protocol improved by 2.99% in the last 24 hours to $1,320.07 a coin.

Binance coin (BNB), Cardano (ADA), Stellar (XLM), Solana (SOL) and Dogecoin (DOGE) appreciated by 1.05% to $272.74, 0.78% to $0.370579, 0.90% to $0.113889, 2.31% to $30.62 and 1.25% to $0.059588 a coin in the last twenty four hours.