On Monday morning, May 15, 2023, the exchange rate between the naira and the US dollar depreciated to trade at an average of N744/$ on the black market, compared to the N743/$ in the previous trading session.
This is according to information provided by parallel market dealers to RateCaptain.
Similarly, the exchange rate at the cryptocurrency P2P exchange remained stable on Monday to trade at a minimum of N745/$1, which was the same as recorded in the previous trading session.
On the other hand, the Investors and Exporters window recorded stability in the value of the naira on an average of N462/$, which was the same rate recorded in the previous trading session.
Nigeria’s external reserves stood at $35.222 billion as of May 10, 2023, representing a marginal decrease from the $35.223 billion recorded as of May 9, 2023, indicating a 0.001% 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 Friday, May 12, 2023, which was the same as recorded in the previous trading session. The opening indicative rate was N463.50/$1 on May 12, 2023. Furthermore, an exchange rate of N467/$1 was the highest rate recorded during intra-day trading before it settled at N462/$1, while it traded for as low as N460/$1 during intra-day trading. A total of $161.91 million in FX value exchanged hands at the Investors and Exporters window on Friday, May 9, 2023, which is 12.76% lower than the $89.79 million that was traded in the previous session.