On Friday, 27th January 2023, the naira depreciated slightly by 0.13% against the US dollar, trading at an average of N749/$1 compared to N746/$1 in the previous trading session.
This is according to FX black market traders who spoke with EntrepreneurNG.
In the same vein, the cryptocurrency P2P exchange rate depreciated on Thursday morning to trade at a minimum of N750.09/$1, a 0.17% decrease from the previous trading session’s rate of N748.79/$1.
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 over the previous trading session’s rate of N462/$1.
However, forex turnover decreased marginally by 1.98% on Wednesday to $109.82 million, compared to $112.04 million the previous session. Nigeria’s external reserves were $37.12 billion as of January 24, 2023, a 0.07% decrease from the previous day’s figure of $37.15 billion.
Trading at the official NAFEX window
The official market exchange rate closed at N461.7/$1 on Wednesday, 25th January 2023, a 0.06 increase from N462/$1 on Tuesday, 24th January 2023.
- The opening indicative rate closed at N461.7/$1 on Wednesday, 25th January 2023.
- Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.7/1, while it traded for as low as N440/$1 during intra-day trading.
- A sum of $109.82 million in FX value was transacted at the I&E window on Wednesday, which is 1.98% lower than the $112.04 million that was traded in the previous session.
