On the black market, the Naira plummets dramatically against the US dollar on February 21, 2023, as detailed below.
On Tuesday, 21st February 2023, the naira depreciated dramatically against the US dollar, trading at an average of N775/$1, a 2.51% drop from the previous week’s rate of N756/$1.
This is according to information from black market FX operators.
The exchange rate between the naira and the US dollar on the cryptocurrency P2P exchange market, on the other hand, increased by 0.49%, trading at an average of N752.9/$1 on Monday morning, 20th February 2023, up from N756.6/$1 last week Friday.
Similarly, the naira-US dollar exchange rate strengthened by 0.16% at the investors and exporters (I&E) window to close at N461.25/$1 on Friday, 17th February 2023, compared to N462/$1 on Thursday.
On Friday, a total of $81.78 million in FX value was transacted at the official exchange, representing a 17.30% increase over the previous day’s transaction of $69.72 million. Similarly, the country’s external reserves fell for the fourth consecutive day on Thursday, falling to $36.78 billion from $36.79 billion.
Trading at the official NAFEX windowÂ
The exchange rate at the official market closed at N461.25/$1 on Friday, 17th February 2023, a 0.16% appreciation from N462/$1 recorded on Thursday, 16th February 2023.Â
- The opening indicative rate closed at N461.5/$1 on Friday, 17th February 2023.Â
- Furthermore, an exchange rate of N462.09/$1 was the highest rate recorded during intra-day trading before it settled at N461.25/1, while it traded for as low as N446/$1 during intra-day trading.Â
- A sum of $81.78 million in FX value was traded at the I&E window on Friday which is 17.30% higher than the $69.72 million that exchanged hands in the previous session.Â
