The exchange rate between the naira and the US dollar at the black market appreciated on Wednesday, 11th January 2023 to trade at an average of N745/$1.
This represents an uptrend of 0.94% compared to N745/$1 recorded on Tuesday.
This is according to information from black market traders who spoke to Nairametrics.
Also, the exchange rate at the investors and exporters (I&E) window recorded a marginal growth on Tuesday, 10th January 2023 to close at N461.5/$1 from N461.67/$1 recorded in the previous trading session.
The movement in the official exchange rate follows a 149.6% surge in forex turnover on Tuesday. A total of $117.63 million in FX value was traded at the window, compared to $47.13 million that exchanged hands on Monday.
See Exchange Rate Today As Naira Appreciates In Black Market
On the other hand, the exchange rate at the cryptocurrency P2P exchange depreciated by 0.3% on Wednesday morning to trade at a minimum of N747.85/$1 from N745.75/$1 recorded as of the same time on Tuesday.
Nigeria’s external reserves however, stood at $37.2 billion as of 9th January 2023, representing a 0.09% increase from the $37.16 billion recorded as 6th December 2022, indicating a fourth successive increase in the nation’s reserve level.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.5/$1 on Tuesday, 10th January 2023, from N461.67/$1 recorded in the previous trading session.
The opening indicative rate closed at N460.25/$1 on Tuesday, 10th January 2023.
Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/1, while it traded for as low as N440/$1 during intra-day trading.
A sum of $117.63 million in FX value exchanged hands at the I&E window on Tuesday, which is 149.59% higher than the $47.13 million that was traded in the previous session.
Source: News Rain Nigeria
