On Friday, February 24th, 2023, the naira depreciated against the US dollar in the black market, trading at an average of N765/$1, a 0.39% decrease from the previous trading session’s N762/$1.
Because of the cash shortage and downtime in banking applications, the exchange rate has remained volatile. This is according to black market FX operators who spoke with Nairametrics.
Similarly, the exchange rate between the naira and the US dollar fell by 0.13% on the cryptocurrency P2P exchange market on Thursday morning, 23rd February 2023, trading at an average of N754.1/$1 compared to N753.13/$1 on Wednesday.
Furthermore, the official Investors and Exporters window depreciated marginally by 0.06% to close at N461.6/$1 on Wednesday, 22nd February 2023, compared to N461.33/$1 on Tuesday.
Meanwhile, $81.95 million was traded at the official exchange on Wednesday, representing a 69.74% increase from the $48.28 million traded on Tuesday. The country’s external reserves fell for the seventh consecutive day on Tuesday, to $36.72 billion from $36.73 billion, bringing the total decline for the month of February to $272.12 million.
Trading at the official NAFEX windowÂ
The exchange rate at the official market closed at N461.6/$1 on Thursday, 23rd February 2023, a 0.06% depreciation from N461.33/$1 recorded on Wednesday, 22nd February 2023.Â
- The opening indicative rate closed at N461.35/$1 on Wednesday, 23rd February 2023.Â
- Furthermore, an exchange rate of N462.01/$1 was the highest rate recorded during intra-day trading before it settled at N461.6/1, while it traded for as low as N446/$1 during intra-day trading.Â
- A sum of $81.95 million in FX value was traded at the I&E window on Wednesday which is 69.74% higher than the $48.28 million that exchanged hands in the previous session.Â
