The exchange rate between the naira and the US dollar at the parallel market depreciated on Friday, January 20, 2023, trading at an average of N750/$1.
This is according to information provided by black market dealers to RateCaptain; the naira decreased in value by 0.80% in comparison to the N744/$1 recorded on the previous day.
On the other hand, the exchange rate at the cryptocurrency P2P exchange appreciated by 0.79% on Friday morning to trade at a minimum of N758/$1, compared to N752/$1 recorded in the previous trading session.
The exchange rate at the investors and exporters (I&E) window closed at N461.50/$1 on Thursday, 19th January 2023, recording a marginal decrease compared to N461.25/$1 that which closed at the end of the previous trading session. Forex turnover increased by 74.50% on Thursday as a sum of $217.86 million exchanged hands in contrast to $55.54 million that was traded on Wednesday, January 18th, 2023.
Nigeria’s external reserves stood at $37.205 billion as of January 18, 2023, representing a marginal decrease from the $37.208 billion recorded as of January 17, 2023, indicating a 0.007% increase in the nation’s reserve level.
Trading in the official NAFEX window
The exchange rate at the official market closed at N461.50/$1 on Thursday, January 19, 2023, compared to N461.25$1 recorded in the previous trading session. The opening indicative rate closed at N461.50/$1 on Thursday, January 18, 2023. Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.25/1, while it traded for as low as N440/$1 during intra-day trading. A sum of $217.86 million in FX value exchanged hands at the Investor and exporters’ FX window on Tuesday, which is 0.007% higher than the $55.52 million that was traded in the previous session.
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