Naira Strengthens At Black Market (See Exchange Rate)

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Currency Redesign: Nigeria's Naira Racing Towards 1000 Per Dollar In Parallel Market
Currency Redesign: Nigeria's Naira Racing Towards 1000 Per Dollar In Parallel Market

The exchange rate between the naira and the US dollar on the black market appreciated on Wednesday 18th January 2023, trading at an average of N746/$1. This represents a marginal improvement of 0.13% compared to N747/$1 recorded in the trading session.

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

Likewise, the exchange rate at the cryptocurrency P2P exchange appreciated marginally by 0.15% on Wednesday morning to trade at a minimum of N746.6/$1, compared to N747.7/$1 recorded as of the same time on Tuesday.

Naira Strengthens At Black Market (See Exchange Rate)

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.5/$1 on Tuesday, 16th January 2023, maintaining the same rate it recorded in the previous trading session.

A sum of $55.52 million exchanged hands on Tuesday, as forex turnover declined by 72.04% compared to $198.6 million that was traded on Monday, 16th January 2023.

Nigeria’s external reserves, however, stood at $37.21 billion as of 16th January 2023, representing an increase of 0.013% from the $37.206 billion recorded on 13th December 2022.

Trading at the official NAFEX window
The exchange rate at the official market closed at N461.5/$1 on Tuesday, 17th January 2023, the same as the rate recorded in the previous trading session.

The opening indicative rate closed at N460.9/$1 on Tuesday, 17th January 2023.
Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/1, while it traded for as low as N440/$1 during intra-day trading.

A sum of $55.52 million in FX value exchanged hands at the I&E window on Tuesday, which is 72.04% lower than the $198.6 million that was traded in the previous session.

Source: Nairametrics