Naira appreciates at parallel market, now N735/$1

The exchange rate between the naira and the US dollar at the black market appreciated on Thursday, 12th January 2023 to trade at an average of N735/$1, representing an uptrend of 0.41 per cent compared to N738/$1 recorded on Wednesday.

Also, the exchange rate at the cryptocurrency P2P exchange appreciated by 0.11% on Thursday morning to trade at a minimum of N747/$1 from N747.85/$1 recorded as of the same time on Wednesday.

On the other hand, the exchange rate at the investors and exporters (I&E) window closed at N461.9/$1 on Wednesday, 11th January 2023, compared to N461.5/$1 recorded in the previous trading session.

The official exchange rate depreciated by 0.1% despite a 28.5% increase in trading activities at the exchange. Notably, a total of $151.26 million was traded on Wednesday, against the $117.63 million that exchanged hands in the previous day.

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Nigeria’s external reserves however, stood at $37.2 billion as of 10th January 2023, representing a 0.02% increase from the $37.19 billion recorded as 9th December 2022, indicating a fifth successive increase in the nation’s reserve level.

The exchange rate at the official market closed at N461.9/$1 on Wednesday, 11th January 2023, from N461.5/$1 recorded in the previous trading session.

The opening indicative rate closed at N460.25/$1 on Wednesday, 11th January 2023.

Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.9/1, while it traded for as low as N440/$1 during intra-day trading.

A sum of $151.26 million in FX value exchanged hands at the I&E window on Wednesday, which is 28.59% higher than the $117.63 million that was traded in the previous session.

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