On Saturday, February 25th, 2023, the black market exchange rate between the naira and the US dollar increased to an average of N760/$1. This represents a 0.65% increase over the previous trading session’s rate of N765/$1.
This is according to black market FX operators who spoke with Nairametrics.
In addition, the official Investors and Exporters window exchange rate increased marginally by 0.06% to close at N461.33/$1 on Thursday, February 23rd 2023, up from N461.6/$1 on Wednesday.
Similarly, the naira strengthened against the US dollar in the cryptocurrency P2P exchange market, trading at an average of N751.3/$1 on Friday morning, 24th February 2023, a 0.37% increase from N754.1/$1 on Thursday.
On Thursday, forex turnover increased by 34.56% to $110.27 million at the official exchange, up from $81.95 million on Wednesday. The country’s external reserves were $36.72 billion as of Tuesday, February 21, 2023, up from $36.73 billion the day before.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.33/$1 on Thursday, 23rd February 2023, a 0.06% appreciation from N461.33/$1 recorded on Wednesday, 22nd February 2023.
- The opening indicative rate closed at N461.3/$1 on Thursday, 23rd February 2023.
- Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.33/1, while it traded for as low as N461.33/$1 during intra-day trading.
- A sum of $110.27 million in FX value was traded at the I&E window on Thursday which is 34.56% higher than the $81.95 million that exchanged hands in the previous session.
