On January 12, 2023, the black market rate of exchange between the naira and the US dollar increased, averaging N735 to $1, indicating a 0.41% increase from the N738/$1 value recorded on Wednesday.
“This information was provided to Nairametrics by black market dealers.”
Additionally, the exchange rate at the cryptocurrency P2P exchange increased by 0.11% on Thursday morning to trade at a minimum of N747/$1 from N747.85/$1 reported as of the same time on Wednesday.
On the other side, on Wednesday, January 11, 2023, the investors and exporters (I&E) window’s closing exchange rate was N461.9 to $1 as opposed to N461.5 to $1 as it had been the previous trading session.
Despite a rise in trade of 28.5%, the official exchange rate declined by 0.1%. Notably, compared to the $117.63 million that was transferred the day before, a total of $151.26 million was transacted on Wednesday.
Nigeria’s external reserves, however, were $37.2 billion as of January 10, 2023, a rise of 0.02% from the $37.19 billion reported as of December 9, 2022, and a sixth consecutive increase in the level of the country’s reserves.
Trading using the NAFEX official window
The exchange rate on the official market went down from N461.5/$1 in the previous trading session to N461.9/$1 on January 11, 2023.
- On Wednesday, January 11, 2023, the opening indicative rate fell to N460.25 to $1.
- In addition, it traded for as little as N440/$1 during intraday trading, with the highest intraday rate recorded during trading being N462/$1, before it finished at N461.9/$1.
- At the I&E window on Wednesday, a total of $151.26 million in FX value was traded, an increase of 28.59% over the $117.63 million that was transacted the previous session.
This data was compiled from nairametrics and is intended solely for educational purposes”