Naira appreciates to N746/$1 at the black market on 28th January 2023

On Saturday, 28th January 2023, the naira strengthened against the US dollar in the black market, trading at an average of N746/$1 compared to N751/$1 in the previous trading session.

This is according to FX black market traders who spoke with EntrepreneurNG.

Similarly, the cryptocurrency P2P exchange rate increased on Friday morning to trade at a minimum of N746.2/$1, a 0.52% increase from the previous trading session’s rate of N750.09/$1.

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.25/$1 on Thursday, January 26th, 2023, representing a 0.10% improvement over the previous trading session’s rate of N461.7/$1.

However, forex turnover fell by 58.88% on Thursday to $45.16 million, compared to the previous session’s $109.82 million. Nigeria’s external reserves were $37.09 billion as of January 26th, 2023, a 0.07% decrease from the $37.12 billion recorded on January 25th, 2023, and a consistent decline over the previous 7 days.

Trading at the official NAFEX window

The official market exchange rate closed at N461.25/$1 on Thursday, January 26th, 2023, a 0.10% increase from N461.7/$1 on Wednesday, January 25th, 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. 

CBN Official Naira Exchange Rates

The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.