Naira appreciates against Dollar at parallel market

Naira improved against the US dollar at the black market on Wednesday morning, 25th January 2023, to trade at an average of N750/$1, representing a 0.40% appreciation in contrast to an average of N753/$1 recorded on Tuesday morning.

On the flip side, the exchange rate at the cryptocurrency P2P exchange depreciated on Wednesday morning to trade at a minimum of N748.79/$1, a 0.24% depreciation compared to N747/$1 recorded as of the same time in the previous trading session.

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N462/$1 on Tuesday, 24th January 2023, representing a slight drop of 0.08% from N461.63/$1 recorded in the previous trading session.

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Forex turnover however decreased by 15.61% on Tuesday to $112.04 million, compared to the $132.77 million that exchanged hands in the previous session. Nigeria’s external reserves stood at $37.15 billion as of 23rd January 2023, representing a decline of 0.12% from the $37.19 billion recorded as of 20th January 2023.

The exchange rate at the official market closed at N462/$1 on Tuesday, 24th January 2023.

The opening indicative rate closed at N461.2/$1 on Tuesday, 24th January 2023.

Furthermore, an exchange rate of N463/$1 was the highest rate recorded during intra-day trading before it settled at N462/1, while it traded for as low as N440/$1 during intra-day trading.

A sum of $112.04 million in FX value was transacted at the I&E window on Tuesday, which is 15.61% lower than the $132.77 million that was traded in the previous session.