The exchange rate between the naira and the US dollar at the parallel market remained flat on Tuesday, January 17, 2023, trading at an average of N742/$1. The same was recorded in the previous trading session.
This is according to information from black market traders who spoke to Ratecaptain.
Also, the exchange rate at the cryptocurrency P2P exchange depreciated by 0.40% on Tuesday morning, January 17, 2023, to trade at a minimum of N748/$1, compared to N746/$1 recorded on Monday, January 16, 2023.
Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N462.13/$1 on Monday, January 16, 2023, and a 0.20% depreciation from N461.17/$1 on Friday, January 13, 2023, was recorded.
Trading activities at the official market increased further by 61.81% on January 13, 2023. Specifically, a total of $198.60 million was traded on Monday, compared to the $75.95 million that changed hands the previous day.
Nigeria’s external reserves, however, stood at $37.205 billion as of January 13, 2023, representing a marginal decrease from the $37.206 billion recorded as of December 12, 2022, indicating a 0.018% decrease in the nation’s reserve level.
Trading at the official NAFEX window
The exchange rate at the official market closed at N462.13/$1 on Monday, January 16, 2023, from N461/$1 recorded in the previous trading session. The opening indicative rate closed at N462/$1 on Monday, January 16, 2023. Furthermore, an exchange rate of N4625.50/$1 was the highest rate recorded during intra-day trading before it settled at N462/$, 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 61.81% higher than the $75.95 million that was traded in the previous session.
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