Naira remains stable at black market

The exchange rate between the naira and the dollar at the black market remained stable through the Christmas celebration, trading at an average of N740/$1 on Tuesday, 27th December 2022.

Also, the naira maintained the same rate at the P2P cryptocurrency Exchange on Tuesday morning, trading at a minimum of N739/$1, the same as recorded last week Friday.

On the other hand, the rate of exchange at the official importer and exporter window depreciated on Friday, 23rd December 2022 to close at N456.5/$1, 0.05% downturn compared to N456.25/$1 that was recorded in the previous trading session.

READ ALSO: Naira depreciates, exchanges at 456.50 to dollar

Meanwhile, a total of $155.86 million was traded at the exchange on Friday, recording a 39.95% increase compared to the $111.37 million that exchanged hands on Thursday, 22nd December 2022.

Nigeria’s external reserve stood at $36.95 billion as of 22nd December 2022, an increase of 0.02% from the $36.947 billion recorded as of the previous day.

The exchange rate at the official market closed at N456.5/$1 on Friday, 23rd December 2022, representing a 0.05% depreciation from N456.25/$1 recorded on Thursday.

The opening indicative rate closed at N451.38/$1 on Friday, 23rd December 2022.

Furthermore, an exchange rate of N452/$1 was the highest rate recorded during intra-day trading before it settled at N456.5/$1, while it traded for as low as N440/$1 during intra-day trading.

A sum of $155.86 million in FX value exchange hands at the I&E window on Friday, which represents a 39.95% increase compared to $111.37 million that was traded in the previous session.