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

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.