The exchange rate between the naira and the US dollar at the black market remained flat on Monday, February 13th, 2023, trading at an average of N750/$1, which is the same rate recorded during the previous trading session.
The exchange rate has remained stable following the increased cash demand across the country as black-market traders have lamented the lack of cash in the market.
This is according to information from black market traders who spoke to RateCaptain.
The exchange rate at the cryptocurrency P2P exchange remained stable to trade at a minimum of N750/$1, which was the same rate recorded in previous trading sessions.
The Investors and Exporters window closed at N461.50/$1 on Friday, February 10, 2023, representing a 0.09% appreciation compared to N461.10/$1 recorded in the previous trading session.
Nigeria’s external reserves stood at $36.820 billion as of February 9, 2023, representing a marginal decrease from the $37.821 billion recorded as of February 8, 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 N461.50/$1 on Friday, February 10, 2023, a 0.09% depreciation from N461.10/$1 recorded in the previous trading session. The opening indicative rate was N461.50/$1 on Friday, February 10, 2023. Furthermore, an exchange rate of N462.05/$1 was the highest rate recorded during intra-day trading before it settled at N461.50/$1, while it traded for as low as N446/$1 during intra-day trading. A total of $59.40 million in FX value exchanged hands at the Investors and Exporters window on Friday, February 10, 2023, which is 32.26% higher than the $40.24 million that was traded in the previous session.
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