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Home Currencies

Naira remains stable at N754/$ in the parallel market.

Rate Captain by Rate Captain
March 2, 2023
in Currencies
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Naira remains stable in the parallel market.
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The exchange rate between the naira and the US dollar traded for an average of N753/$1 on Thursday, March 2, 2023, indicating 0.001% appreciation compared to the N754/$1 recorded in the previous trading session.

This is according to information provided by parallel market dealers to RateCaptain.

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Similarly, the exchange rate at the cryptocurrency P2P exchange remained stable on Thursday to trade at a minimum of N755/$1, which was the same as recorded in the previous trading session.

The Investors and Exporters window closed at N461.35/$1 on Wednesday, March 1, 2023, representing a 0.01% appreciation compared to N461.50/$1 recorded in the previous trading session.

Nigeria’s external reserves stood at $36.678 billion as of February 27, 2023, representing a marginal decrease from the $37.698 billion recorded as of February 24, 2023, indicating a 0.0001% decrease in the nation’s reserve level.

Trading at the official NAFEX window

The exchange rate at the official market closed at N461.35/$1 on Wednesday, March 1, 2023, a 0.01% appreciation from N461.50/$1 recorded in the previous trading session. The opening indicative rate was N461.17/$1 on March 1, 2023. Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.35/$1, while it traded for as low as N446/$1 during intra-day trading. A total of $98.60 million in FX value exchanged hands at the Investors and Exporters window on Wednesday, March 1, 2023, which is 12.76% higher than the $70.28 million that was traded in the previous session.

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