Naira depreciates at the black market (See exchange rate)

Naira weakened against the US dollar at the black market on Tuesday morning, 24th January 2023, having depreciated by 1.07% to trade at an average of N753/$1 compared to an average of N745/$1 recorded on Monday.

This is according to information from FX black market traders who spoke to Nairametrics.

Also, the exchange rate at the cryptocurrency P2P exchange depreciated on Tuesday morning to trade at a minimum of N747/$1, a 0.27% downtrend compared to N745/$1 recorded as of the same time on Monday.

In the same vein, the exchange rate at the investors and exporters (I&E) window closed at N461.63/$1 on Monday, 23rd January 2023, representing a 0.03% dip from N461.5/$1 recorded in the previous trading session.

Forex turnover however rallied by 37.14% on Monday to $132.77 million, in contrast to the $96.81 million that exchanged hands in the previous session.

Nigeria’s external reserves stood at $37.19 billion as of 20th January 2023, representing a decrease of 0.03% from the $37.20 billion recorded as of 19th January 2023.

The exchange rate at the official market closed at N461.63/$1 on Monday, 23rd January 2023.

The opening indicative rate closed at N460.75/$1 on the day under review.

Furthermore, an exchange rate of N463/$1 was the highest rate recorded during intra-day trading before it settled at N461.63/1, while it traded for as low as N440/$1 during intra-day trading.

A sum of $132.77 million in FX value was transacted at the I&E window on Monday, which is 37.14% higher than the $96.81 million that was traded in the previous session.

The exchange rate between the naira and the US dollar at the black market appreciated further by 0.13% on Monday morning, 23rd January 2023, trading at an average of N745/$1 compared to N746/$1 recorded last week Friday.