The exchange rate between the naira and the US dollar appreciated on Thursday, 5th January 2023 trading at an average of N730/$1 at the black market, an improvement of 0.82% from N736/$1 that was recorded in the last three trading days.
This is according to information from black market traders who spoke to Nairametrics.
Simiarly, the exchange rate at the P2P cryptocurrency Exchange strengthened on Thursday morning, trading at a minimum of N743.79/$1, a 0.69% appreciation compared to N748.95/$1 recorded in the previous day session.
See Exchange Rate Tonight As Naira Improves At Black Market
Meanwhile, the naira depreciated against the US dollar at the official investors and exporters (I&E) window to close at N461.67/$1 on Wednesday, 4th January 2022, a 0.15% depreciation from the N461/$1 recorded on Tuesday.
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A total of $69.33 million was traded at the official market on Wednesday, a significant drop of 54.82% compared to the $153.45 million that exchanged hands the previous day.
Nigeria’s external reserve stood at $37.07 billion as of 3rd January 2023, a decrease of 0.04% from the $36.08 billion recorded as 30th December 2022.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.67/$1 on Wednesday, 4th January 2023, representing a 0.15% depreciation from N461/$1 recorded on Tuesday.
The opening indicative rate closed at N456.17/$1 on Wednesday, 4th January 2023.
Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.67/$1, while it traded for as low as N425/$1 during intra-day trading.
A sum of $69.33 million in FX value exchanged hands at the I&E window on Wednesday, which is 54.82% lower than the $153.45 million that was traded in the previous session.
