Naira to Dollar Exchange Rate Dips to N745/US$1 Today October 17, 2022

Naira to Dollar exchange rate: The exchange rate between the Nigerian Naira and Dollar remains under pressure as of Monday, 17 October 2022, amid foreign exchange scarcity and low revenue generation.

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

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.

Crude Oil

On Monday, crude oil prices extended their decline slightly as global uncertainty amid Chinese loose monetary policy dictated price direction. 

Brent crude oil, the Nigerian type of oil, dipped to $91.02 per barrel at 1:16 pm, while the U.S. West Texas Intermediate (WTI) dipped to $83.95 per barrel.

Meanwhile, the Nigerian government has discovered another illegal oil pipeline attached to 400,000 barrels per day Forcados pipeline as the government intensified its anti-theft campaign across all oil-producing states in Nigeria.

Commenting on how the illegal pipeline was discovered, a marine intelligence consultant for TSSNL, Captain Waredi Enisuoh, said “We have been monitoring all these activities for quite a while now and we are waiting for the day our country will move forward.

“What had happened was that the perpetrators of this particular organized crime had tapped into Shell 48 inch export line.

“The crude has been cleaned up and ready to go. It’s quite expensive. So, they tapped into it. The place was initially filled with water but technologically, they were able to connect their own pipes under water.

“We traced the lines with bare feet to the point where it was tapped. We had to create two dams on either side of the pipe so that the water contained in the dam can be pumped out.”

Cryptocurrency

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.