Naira depreciates against the US dollar at the parallel market on Thursday morning, 2 January 2023, to trade at an average of N749/$1, representing a 0.40% marginal decrease in contrast to an average of N746/$1 recorded in the previous trading session.
This is according to information provided by parallel market dealers to RateCaptain.
However, the exchange rate at the cryptocurrency P2P exchange depreciates on Thursday morning to trade at a minimum of N755/$1, a 0.40% upward trend compared to N752/$1 recorded in the previous trading day.
The Investors and Exporters window, on the other hand, showed no change in the value of the naira, which was trading at an average of N461.50/$ in the previous trading session.
Nigeria’s external reserves stood at $36.996 billion as of January 31, 2023, representing a marginal decrease from the $37.006 billion recorded as of January 30, 2023, indicating a 0.027% decrease in the nation’s reserve level.
RateCaptain believes that the decline is mainly attributable to lower inflows from export proceeds and remittances by Nigerians abroad, which are usually used for importation purposes. In addition, there have been reports that due to low global demand for Nigeria’s main exports, such as oil and gas, there has been a drop in prices, leading to further depletion of their foreign reserve earnings.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.50/$1 on Wednesday, February 1, 2023, as the same recorded in the previous trading session. The opening indicative rate closed at N461.50/$1 on Wednesday, February 1, 2023. Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at 461.50$, while it traded for as low as N446/$1 during intra-day trading. A total of $105.37 million in FX value exchanged hands at the Investors and Exporters window on Wednesday 1 February 2023, which is 19.29% higher than the $85.04 million that was traded in the previous session.
