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.
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.
