The exchange rate between the naira and the US dollar at the parallel market appreciated on Tuesday, January 24, 2023, trading at an average of N740/$1.
This is according to information provided by black market dealers to RateCaptain; the naira increased in value by 1.08% in comparison to the N748/$1 recorded on the previous day.
On the other hand, the exchange rate at the cryptocurrency P2P exchange appreciated by 1.62% on Tuesday morning to trade at a minimum of N743/$1, compared to N755/$1 recorded in the previous trading session.
The exchange rate at the investors and exporters (I&E) window closed at N461.63/$1 on Monday, 23rd January 2023, recording a marginal increase compared to N461.50/$1 that which closed at the end of the previous trading session. It recorded a marginal increase of 0.02% compared to N461.50/$1 that which closed at the end of the previous trading session.
Nigeria’s external reserves stood at $37.192 billion as of January 20, 2023, representing a marginal decrease from the $37.201 billion recorded as of January 19, 2023, indicating a 0.03% decrease in the nation’s reserve level.
Trading in the official NAFEX window
The exchange rate at the official market closed at N461.63/$1 on Monday, January 23, 2023, compared to N461.50$1 recorded in the previous trading session. The opening indicative rate closed at N460.75/$1 on Monday, January 23, 2023. Furthermore, an exchange rate of N463.00/$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 exchanged hands at the Investor and exporters’ FX window on Monday, which is 27.08%% higher than the $96.81 million that was traded in the previous session.
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