Naira depreciates further at Black market

The exchange rate between the Naira and the US dollar weakened at the black market on Monday, 20^th March 2023 to trade at an average of N751/$1, representing a fall of 0.13% from N750/$1 that was recorded in the previous trading session.

On the flip side, the exchange rate between the Naira and the US dollar at the cryptocurrency P2P exchange market recorded a marginal improvement of 0.07% trading at an average of N743.29/$1 on Monday morning, 20^th March 2023 as against N7438/$1 it recorded on Friday.

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Also, Naira appreciated marginally by 0.04% against the US dollar at the official and exporters window to close at N462/$1 on Friday, 17 March 2022, from N462/$1 that was recorded on Thursday.

However, the sum of N87.81 million was transacted at the official exchange on Friday, a decrease of 10.20% from the N97.78 million that exchanged hands on Thursday.

The nation’s external reserves stood at $36.02 as of Thursday, 16^th March 2023 from $36.08bn recorded on Wednesday, 15^th March 2023.