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Home Currencies

Naira enters a downward trend in the parallel market.

Rate Captain by Rate Captain
February 23, 2023
in Currencies
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Naira depreciates to N749/$ in the parallel market.
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The exchange rate between the naira and the US dollar traded for an average of N767/$1 on Wednesday, February 22, 2023, indicating a depreciation of 0.27% compared to the N765/$1 recorded in the previous trading session.

This is according to information provided by parallel market dealers to RateCaptain.

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However, the exchange rate at the cryptocurrency P2P exchange remained stable on Wednesday to trade at a minimum of N755/$1, which was the same as recorded in the previous trading session.

The Investors and Exporters window closed at N461.55/$1 on Tuesday, February 21, 2023, representing a 0.01% appreciation compared to N461.50/$1 recorded in the previous trading session.

Nigeria’s external reserves stood at $36.733 billion as of February 20, 2023, representing a marginal decrease from the $37.760 billion recorded as of February 17, 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 N461.55/$1 on Tuesday, February 21, 2023, a 0.01% appreciation from N461.50/$1 recorded in the previous trading session. The opening indicative rate was N461.55/$1 on Tuesday, February 21, 2023. Furthermore, an exchange rate of N462.41/$1 was the highest rate recorded during intra-day trading before it settled at N461.55/$1, while it traded for as low as N406.75/$1 during intra-day trading. A total of $48.28 million in FX value exchanged hands at the Investors and Exporters window on Tuesday, February 21, 2023, which is 10.76% higher than the $40.28 million that was traded in the previous session.

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