Business

Naira Falls Marginally At Black Market, Trades At N731/$1 On 6th January 2023

Published

2 years ago

January 6, 2023

Black market Dollar to Naira exchange rate

Naira depreciated against the US dollar at the black market today Friday, 6th January 2023.

The Naira traded at an average of N731/$1, a 0.14% depreciation compared to N730/$1 recorded in the previous trading day.

On the other hand, the exchange rate at the P2P cryptocurrency Exchange improved on Friday morning, trading at a minimum of N743/$1, a 0.11% uptrend compared to N743.79/$1 recorded in the previous day session.

Meanwhile, the exchange rate at the official investors and exporters (I&E) window improved slightly to N461.50/$1 on Thursday, 5th January 2023, from the N461.67/$1 recorded on Wednesday, 4th January 2023.

A total of $68.14 million was traded at the official market on Thursday, a slight decline compared to $69.33 million that exchanged hands the previous day. Nigeria’s external reserve in the same vein, stood at $37.07 billion as of 3rd January 2023, a 0.04% reduction from the $37.08 billion recorded as 30th December 2022.

The exchange rate at the official market closed at N461.5/$1 on Thursday, 5th January 2023, representing a 0.04% appreciation from N461.67/$1 recorded on Wednesday.

The opening indicative rate closed at N459.6/$1 on Thursday, 5th 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 $68.14 million in FX value exchanged hands at the I&E window on Thursday, which is 1.72% lower than the $69.33 million that was traded in the previous session.

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