Naira remains stable at N745/$1 at black market

The exchange rate between the Naira and the US dollar at the parallel market traded at an average of N745/$1 on Monday, the same as recorded in the previous trading session.

Meanwhile, the local currency strengthened by 0.7% against the US dollar at the P2P cryptocurrency exchange, trading at a minimum of N747.65/$1 on Monday morning, compared to N752.95/$1 recorded on Friday, 9th December 2022.

On the other hand, the exchange rate at the official Investors and Exporters window depreciated by 0.11% to close at N446.5/$1 on Friday, 9th December 2022 compared to N446/$1 recorded in the previous trading session.

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Forex turnover also declined by 29.86% to $162.17 million on Friday, in contrast to $231.2 million that was traded in the previous session. Nigeria’s external reserve dipped further on Thursday, 8th December 2022 to stand at $36.96 billion, from $36.97 billion recorded as of the previous day.

The exchange rate at the official market closed at N446.5/$1 on Friday, 9th December 2022, representing a 0.11% depreciation compared to N446/$1 recorded in the previous trading session.

Furthermore, an exchange rate of N452/$1 was the highest rate recorded during intra-day trading before it settled at N446.5/$1, while it traded for as low as N439.96/$1 during intra-day trading.

A sum of $162.17 million in FX value was traded at the Investors and Exporters, a decrease of 29.86% from $231.2 million that exchanged hands in the previous session.