Naira appreciated against the US dollar at the parallel market on Thursday morning, 26th January 2023, to trade at an average of N750/$1, representing a 0.27% marginal increase in contrast to an average of N753/$1 recorded on Wednesday morning.
This is according to information provided by parallel market dealers to RateCaptain.
In addition, the exchange rate at the cryptocurrency P2P exchange appreciated on Thursday morning to trade at a minimum of N754/$1, a 0.26% downtrend compared to N756/$1 recorded at the same time on Tuesday.
On the other hand, the Investors and Exporters window recorded a marginal change in the value of the naira on an average of N461.70/S, increasing by 0.70 percent from the previous trading average of N462/$, which was the same rate recorded in the previous trading session.
However, Nigeria’s external reserves stood at $37.121 billion as of January 24, 2023, representing a marginal decrease from the $37.146 billion recorded as of January 23, 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 N461.70/$1 on Wednesday, January 24, 2023, from N462/$1 recorded in the previous trading session. The opening indicative rate closed at N461.70/$1 on Wednesday, January 24, 2023. Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at 1.70$, while it traded for as low as N440/$1 during intra-day trading. A total of $109.82 million in FX value exchanged hands at the Investors and Exporters window on Wednesday 25 January 2023, which is 2.02% lower than the $112.04 million that was traded in the previous session.
