On Wednesday, January 25, 2023, the exchange rate between the naira and the US dollar depreciated to trade at an average of N753/$ on the black market. This is according to information provided by parallel market dealers to RateCaptain, the naira decreased marginally by 0.80% in comparison to the N747/$1 recorded on January 24, 2023.
Also, the exchange rate at the cryptocurrency P2P exchange depreciated on Wednesday morning to trade at a minimum of N755/$1, a 0.53% downtrend compared to N751/$1 recorded as of the same time on Tuesday.
On the other hand, the Investors and Exporters window recorded a marginal change in the value of the naira on an average of N462/S, decreasing by 2.60 percent from the previous trading average of N461/$, which was the same rate recorded in the previous trading session.
However, Nigeria’s external reserves stood at $37.146 billion as of January 23, 2023, representing a marginal decrease from the $37.192 billion recorded as of January 20, 2022, indicating a 0.123% decrease in the nation’s reserve level.
Trading at the official NAFEX window
The exchange rate at the official market closed at N462/$1 on Wednesday, January 24, 2023, from N461.50/$1 recorded in the previous trading session. The opening indicative rate closed at N462/$1 on Wednesday, January 24, 2023. Furthermore, an exchange rate of N463/$1 was the highest rate recorded during intra-day trading before it settled at N462/$, while it traded for as low as N440/$1 during intra-day trading. A total of $198.60 million in FX value exchanged hands at the Investors and Exporters window on Friday, which is 112.04% lower than the $132.77 million that was traded in the previous session.
