On Saturday, 21st January 2023, the black market exchange rate between the naira and the US dollar increased slightly by 0.27%, trading at an average of N746/$1 compared to N748/$1 the previous day.
According to FX black market traders, this is the case.
Similarly, the cryptocurrency P2P exchange rate improved on Friday morning to trade at a minimum of N743.9/$1, a 0.35% increase over the N746.48/$1 recorded at the same time on Thursday.
The exchange rate at the investors and exporters (I&E) window, on the other hand, closed at N461.5/$1 on Friday, 20th January 2023, a slight depreciation from N461.25/$1 at the end of the previous trading session.
On Friday, forex turnover increased by 292.3% to $217.86 million, the highest daily volume since December 21, 2022. Meanwhile, Nigeria’s external reserves were $37.205 billion as of January 18, 2023, a 0.01% decrease from the $37.208 billion recorded on January 17, 2023.
Trading at the official NAFEX window
On Friday, 20th January 2023, the official market exchange rate closed at N461.5/$1, a 0.05% depreciation from the previous trading session’s rate of N461.25/$1.
- The opening indicative rate closed at N461.1/$1 on Friday, 20th January 2023.
- Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/1, while it traded for as low as N440/$1 during intra-day trading.
- A sum of $217.86 million in FX value exchanged hands at the I&E window on Thursday, which is 292.3%
- higher than the $55.54 million that was traded in the previous session.
