The exchange rate between the naira and the US dollar traded for an average of N745/$1 on Wednesday, March 22, 2023, indicating a stable trend as compared to the N745/$1 recorded in the previous trading session.
This is according to information provided by parallel market dealers to RateCaptain.
Similarly, the exchange rate at the cryptocurrency P2P exchange remained stable on Wednesday to trade at a minimum of N745/$1, which was the same as recorded in the previous trading session.
The Investors and Exporters window closed at N462/$1 on Tuesday, March 21, 2023, representing a 0.01% depreciation compared to N461.55/$1 recorded in the previous trading session.
Nigeria’s external reserves stood at $36.667 billion as of March 21, 2023, representing a marginal increase from the $35.868 billion recorded as of February 24, 2023, indicating a 0.0020% decrease in the nation’s reserve level.
Trading at the official NAFEX window
The exchange rate at the official market closed at N462/$1 on Tuesday, March 21, 2023, a 0.01% depreciation from N461.55/$1 recorded in the previous trading session. The opening indicative rate was N461.55/$1 on March 21, 2023. Furthermore, an exchange rate of N551/$1 was the highest rate recorded during intra-day trading before it settled at N462/$1, while it traded for as low as N446/$1 during intra-day trading. A total of $62.67 million in FX value exchanged hands at the Investors and Exporters window on Tuesday, March 21, 2023, which is 12.76% lower than the $70.28 million that was traded in the previous session.
