Naira strengthens at black market, exchanges for N738/$1

The exchange rate between the naira and the US dollar strengthened on Thursday morning, 29th December 2022 at the black market, trading at an average of N738/$1 from N740/$1 recorded in the previous trading session.

In the same vein, the exchange rate at the P2P cryptocurrency Exchange gained on Thursday morning, trading at a minimum of N733.4/$1 compared to N739/$1 recorded yesterday.

Meanwhile, the rate of exchange at the official importer and exporter (I&E) window depreciated on Wednesday, 28th December 2022 to close at N461.33/$1, which is the lowest ever rate at the official market on record.

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A total of $196.06 million was traded at the exchange on Wednesday, a 25.79% increase compared to the $155.86 million that exchanged hands last week Friday.

Nigeria’s external reserve stood at $36.97 billion as of 23rd December 2022, an increase of 0.04% from the $36.95 billion recorded as of the previous day.

The exchange rate at the official market closed at N461.33/$1 on Wednesday, 28th December 2022, representing a 1.06% depreciation from N456.5/$1 recorded last week Friday.

The opening indicative rate closed at N452.88/$1 on Wednesday, 28th December 2022.

Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.33/$1, while it traded for as low as N440/$1 during intra-day trading.

A sum of $196.86 million in FX value exchange hands at the I&E window on Wednesday, which represents a 25.8% increase compared to $155.86 million that was traded in the previous session.