Naira strengthens against Dollar at black market

The exchange rate between the naira and the US dollar strengthened on Monday, 27th February 2023 at the black market to trade at an average of N758/$1, representing an appreciation of 0.26% from N760/$1 recorded in the previous trading session.

Similarly, the exchange rate at the cryptocurrency P2P exchange market between the naira and the US dollar appreciated to trade at an average of N749.88/$1 on Monday morning, 27th February 2023, representing a 0.19% improvement compared to N751.3/$1 recorded on Friday.

Also, the naira appreciated marginally against the US dollar at the official Investors and Exporters window by 0.03% to close at N461.17/$1 on Friday, 24th February 2023 from N461.33/$1 recorded on Thursday.

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A sum of $153.3 million was transacted at the official exchange on Friday, from the $110.27 million that exchanged hands on Thursday, an increase of 39.02%. The nation’s external reserves stood at $36.71 billion as of Thursday, 23rd February 2023 from $36.72 billion recorded on Tuesday, 21st February 2023.

The exchange rate at the official market closed at N461.17/$1 on Friday, 24th February 2023, a 0.03% appreciation from N461.33/$1 recorded on Thursday, 23rd February 2023.

The opening indicative rate closed at N461.25/$1 on Friday, 24th February 2023.

Furthermore, an exchange rate of N462.03/$1 was the highest rate recorded during intra-day trading before it settled at N461.17/1, while it traded for as low as N446/$1 during intra-day trading.

A sum of $153.3 million in FX value was traded at the I&E window on Friday which is 39.02% higher than the $110.27 million that exchanged hands in the previous session.