Naira strengthened against the US dollar at the black market on Friday, 27th January 2023 to trade at an average of N745/$1 compared to N751/$1 recorded in the previous trading session.
This is according to information from FX black market traders who spoke to Nairametrics.
Similarly, the exchange rate at the cryptocurrency P2P exchange appreciated on Friday morning to trade at a minimum of N746.2/$1, a 0.52% appreciation compared to N750.09/$1 recorded as of the same time in the previous trading session.
Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.25/$1 on Thursday, 26th January 2023, representing a 0.10% improvement compared to N461.7/$1 recorded in the previous trading session.
Forex turnover however decreased by 58.88% on Thursday to $45.16 million, compared to the $109.82 million that exchanged hands in the previous session. Nigeria’s external reserves stood at $37.09 billion as of 26th January 2023, representing a decline of 0.07% from the $37.12 billion recorded as of 25th January 2023, a consistent decline for the past 7 days.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.25/$1 on Thursday, 26th January 2023, a 0.10% appreciation from N461.7/$1 recorded on Wednesday, 25th January 2023.
The opening indicative rate closed at N461.3/$1 on Thursday, 26th January 2023.
Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.25/1, while it traded for as low as N440/$1 during intra-day trading.
A sum of $45.16 million in FX value was transacted at the I&E window on Thursday, which is 58.88% lower than the $109.82 million that was traded in the previous session.
Black market exchange rate depreciates slightly to N751/$1 on 26th January 2023
The exchange rate between the naira and the US dollar depreciated slightly by 0.13% on Thursday, 26th January 2023 to trade at an average of N751/$1 compared to N750/$1 recorded in the previous trading session.
This is according to information from FX black market traders who spoke to Nairametrics.
In the same vein, the exchange rate at the cryptocurrency P2P exchange depreciated on Thursday morning to trade at a minimum of N750.09/$1, a 0.17% depreciation compared to N748.79/$1 recorded as of the same time in the previous trading session.
Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.7/$1 on Wednesday, 25th January 2023, representing a 0.06% improvement compared to N462/$1 recorded in the previous trading session.
Forex turnover however decreased marginally by 1.98% on Wednesday to $109.82 million, compared to the $112.04 million that exchanged hands in the previous session. Nigeria’s external reserves stood at $37.12 billion as of 24th January 2023, representing a decline of 0.07% from the $37.15 billion recorded as of 24th January 2023.
