Naira Falls Sharply At The Black Market (See Exchange Rate)

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The exchange rate between naira and the US dollar fell sharply to N752/$1 on Monday, 30th January 2022, representing a 0.94% depreciation compared to N745/$1 recorded last week Friday.

This is according to information from black market FX traders who spoke to newsmen.

Similarly, the exchange rate at the cryptocurrency P2P exchange depreciated on Monday morning to trade at a minimum of N752.4/$1, a 0.83% downturn compared to N746.2/$1 recorded as of the same time last week Friday, 27th January 2023.

Naira Falls Sharply At The Black Market (See Exchange Rate)

In the same vein, the exchange rate at the investors and exporters (I&E) window closed at N461.75/$1 on Friday, 27th January 2023, representing a 0.11% depreciation compared to N461.25/$1 recorded in the previous trading session.

Forex turnover however surged by 116.3% on Friday to $97.67 million, from $45.16 million that exchanged hands in the previous session. Nigeria’s external reserves stood at $37.07 billion as of 26th January 2023, representing a decline of 0.07% from the $37.09 billion recorded as of 25th January 2023, representing the eighth consecutive day of decline.

The exchange rate at the official market closed at N461.75/$1 on Friday, 27th January 2023, a 0.11% depreciation from N461.25/$1 recorded on Thursday, 26th January 2023.

The opening indicative rate closed at N461.25/$1 on Friday, 27th January 2023.

Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.75/1, while it traded for as low as N446/$1 during intra-day trading.

A sum of $97.67 million in FX value was transacted at the I&E window on Friday, which is 116.28% higher than the $45.16 million that was traded in the previous session.

Source: Nairametrics