Business
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.
READ ALSO: Naira weakens against Dollar at parallel market
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.
