Naira remained flat against the US dollar at the black market on Tuesday, 14th February 2023, trading at an average of N756/$1, this is the same rate recorded on Monday, 13th February 2023.
This is according to information from black market FX operators who spoke to Nairametrics.
The exchange rate at the cryptocurrency P2P exchange depreciated for the seventh consecutive day on Tuesday, 14th February 2023, trading at a minimum of N752.25/$1. This represents a 0.37% depreciation from N749.48/$1 recorded on Monday.
Meanwhile, the local currency appreciated against the US dollar at the investors and exporters (I&E) window by 0.11% to close at N461/$1 on Monday, 13th February 2023 from N461.5/$1 recorded last week Friday.
Forex turnover at the official market increased by 251.70% to $208.91 million on Monday, 13th February 2023, compared to the $59.40 million that was transacted in the previous session.
Naira Trades At N756/$1 At The Black Market Today
Nigeria’s external reserves stood at $36.82 billion as of Thursday, 9th February 2023, slightly lower than the previous day, representing the fifth consecutive day of decline.
The exchange rate at the official market closed at N461/$1 on Monday, 13th February 2023, a 0.11% appreciation from N461.5/$1 recorded on Friday, 10th February 2023.
The opening indicative rate closed at N461.35/$1 on Monday, 13th February 2023.
Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461/1, while it traded for as low as N446/$1 during intra-day trading.
A sum of $208.91 million in FX value was transacted at the I&E window on Monday, which is 251.7% higher than the $59.40 million that exchanged hands in the previous session.
Source: Nairametrics