The exchange rate between the naira and the US dollar traded for an average of N747/$1 on Wednesday Morning, 8 February 2023, representing a 0.67% appreciation when compared to N752/$1 recorded in the previous trading session.
This is according to information provided by parallel market dealers to RateCaptain.
However, the exchange rate at the cryptocurrency P2P exchange appreciated on Wednesday morning to trade at a minimum of N750/$1, from N752/$1 recorded on Tuesday’s trading session.
On the other hand, the Investors and Exporters window closed at N461.50/$1 on Tuesday, 7 February 2023, representing a 0.15% depreciation compared to N462/$1 recorded in the previous trading session.
Nigeria’s external reserves stood at $36.990 billion as of February 3, 2023, representing a marginal decrease from the $37.020 billion recorded as of February 2, 2023, indicating a 0.085% decrease in the nation’s reserve level.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.50/$1 on Tuesday, February 7, 2023, a 0.15% appreciation from N462.17/$1 recorded in the previous trading session. The opening indicative rate was N461.50/$1 on Tuesday, February 7, 2023. Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N462/$1, while it traded for as low as N416/$1 during intra-day trading. A total of $74.58 million in FX value exchanged hands at the Investors and Exporters window on Tuesday 7 February 2023, which is 64.16% lower than the $122.43 million that was traded in the previous session.
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