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Home Currencies

Naira remains stable at N743/$ in the parallel market.

Rate Captain by Rate Captain
May 16, 2023
in Currencies, Markets, Money Market, Wealth
Reading Time: 1 min read
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On Tuesday, May 16, 2023, the exchange rate between the naira and the US dollar remain stable to trade at an average of N743/$ on the black market, which was the same compared to 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 B2B exchange depreciated on Tuesday, May 16, 2023, to trade at a minimum of N747/$1, which indicates a 0.27% depreciation compared to the N745/$ traded in the previous trading session.

On the other hand, the Investors and Exporters window recorded depreciation in the value of the naira which traded on an average of N464/$ on May 15, 2023, indicating a marginal percentage increase of 0.43% compared to the N462/$ traded in the previous trading session.

Foreign Reserve

Nigeria’s external reserves stood at $35.188 billion as of May 12, 2023, representing a marginal decrease from the $35.222 billion recorded as of May 10, 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 N464/$1 on May 15, 2023, which indicated a 0.43% depreciation when compared to the previous trading session. The opening indicative rate was N463.50/$1 on May 15, 2023. Furthermore, an exchange rate of N467/$1 was the highest rate recorded during intra-day trading before it settled at N464/$1, while it traded for as low as N460/$1 during intra-day trading. A total of $55.10 million in FX value exchanged hands at the Investors and Exporters window on Friday, May 15, 2023, which is 52.76% lower than the $161.91 million that was traded in the previous session.

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