Naira appreciated against the US dollar at the parallel market on Friday morning, 27 January 2023, to trade at an average of N748/$1, representing a 0.27% marginal increase in contrast to an average of N750/$1 recorded in the previous trading session. This is according to information provided by parallel market dealers to RateCaptain.
In addition, the exchange rate at the cryptocurrency P2P exchange depreciated on Friday morning to trade at a minimum of N755/$1, a 0.26% upward trend compared to N752/$1 recorded in the previous trading day.
On the other hand, the Investors and Exporters window recorded a marginal change in the value of the naira on an average of N461.25/S, decreasing by 0.097 percent from the previous trading average of N461.70/$1 recorded in the previous trading session.
Nigeria’s external reserves stood at $37.096 billion as of January 25, 2023, representing a marginal decrease from the $37.121 billion recorded as of January 24, 2022, indicating a 0.067% decrease in the nation’s reserve level.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.25/$1 on Thursday, January 25, 2023, from N461.70/$1 recorded in the previous trading session. The opening indicative rate closed at N461.25/$1 on Thursday, January 25, 2023. Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at 461.25$, while it traded for as low as N446/$1 during intra-day trading. A total of $45.16 million in FX value exchanged hands at the Investors and Exporters window on Thursday 26 January 2023, which is 58.88% lower than the $109.82 million that was traded in the previous session.
