Naira remains stable at black market against Dollar

The exchange rate between the naira and the US dollar remained flat on Tuesday, 3rd January 2023 trading at an average of N736/$1 at the black market, the same as recorded as of the close of trading activities last week Friday.

On the flip side, the exchange rate at the P2P cryptocurrency Exchange depreciated on Tuesday morning, trading at a minimum of N741.79/$1, a 0.87% depreciation compared to N735.42/$1 recorded on Friday, last week

Meanwhile, the exchange rate at the official investors and exporters (I&E) window appreciated slightly on Friday, 30th December 2022 to close at N461.5/$1, although it represents a 5.7% downturn from for the 2022 year.

A total of $176.24 million was traded at the exchange on Friday, an increase of 23.95% compared to the $142.19 million that exchanged hands the previous day. Nigeria’s external reserve stood at $37.09 billion as of 29th December 2022, an increase of 0.04% from the $36.08 billion recorded as of the previous day.

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Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/$1, while it traded for as low as N425/$1 during intra-day trading.

A sum of $176.24 million in FX value exchanged hands at the I&E window on Friday, which is 23.95% higher than the $142.19 million that was traded in the previous session.

On the other hand, the exchange rate at the P2P cryptocurrency Exchange depreciated on Friday morning, trading at a minimum of N735.42/$1, compared to N733.4/$1 recorded yesterday.

A total of $142.19 million was traded at the exchange on Thursday, a decline of 27.48% compared to the $196.06 million that exchanged hands on Wednesday. Nigeria’s external reserve stood at $37.075 billion as of 28th December 2022, an increase of 0.29% from the $36.966 billion recorded as of the previous day.