Black market exchange rate moderates at N751/$1

The exchange rate between the naira and the US dollar moderated slightly to an average of N751/$1 on Tuesday, 31st January 2022, compared to N752/$1 recorded in the previous trading session.

Also, the exchange rate at the cryptocurrency P2P exchange improved marginally to trade at a minimum of N752/$1, on Tuesday morning from N752.4/$1 recorded on Monday’s trading session.

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.5/$1 on Monday, 30th January 2023, representing a 0.05% appreciation compared to N461.75/$1 recorded in the previous trading session.

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Forex turnover however increased by 54.08% on Monday to $150.49 million, from $97.67 million that exchanged hands last week Friday. Nigeria’s external reserves fell for the ninth straight day to stand at $37.04 billion as of 27th January 2023, representing a decline of 0.08% from the $37.07 billion recorded as of 26th January 2023.

The exchange rate at the official market closed at N461.5/$1 on Monday, 30th January 2023, a 0.05% appreciation from N461.75/$1 recorded on Friday, 27th January 2023.

The opening indicative rate closed at N461.5/$1 on Monday, 30th January 2023.

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 N446/$1 during intra-day trading.

A sum of $150.49 million in FX value was transacted at the I&E window on Monday, which is 54.1% higher than the $97.67 million that was traded in the previous session.