SAMUEL OYEKANMI FROM NAIRAMETRICS
The exchange rate between the naira and the US dollar at the black market remained flat on Monday 16th January 2023, trading at an average of N735/$1. The same was recorded in the last three trading sessions.
This is according to information from black market traders who spoke to Nairametrics.
Also, the exchange rate at the cryptocurrency P2P exchange appreciated by 0.43% on Monday morning to trade at a minimum of N743.95/$1, compared to N747.18/$1 recorded as of the same time last week Friday.
Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.9/$1 on Friday, 13th January 2023, a 0.16% depreciation from N461.17/$1 recorded in the previous trading session.
Trading activities at the official market declined further by 18.85% on Friday 13th January 2023. Specifically, a total of $72.18 million was traded on Friday, against the $88.95 million that exchanged hands in the previous day.
Nigeria’s external reserves however, stood at $37.205 billion as of 12th January 2023, representing a marginal increase from the $37.205 billion recorded as of 11th December 2022, indicating a seventh straight increase in the nation’s reserve level.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.9/$1 on Friday, 13th January 2023, from N461.17/$1 recorded in the previous trading session.
- The opening indicative rate closed at N461.2/$1 on Friday, 13th January 2023.
- Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.9/1, while it traded for as low as N440/$1 during intra-day trading.
- A sum of $72.18 million in FX value exchanged hands at the I&E window on Friday, which is 18.85% lower than the $88.95 million that was traded in the previous session.
Naira trades flat at N735/$1 at the black market on 13th January 2023
The exchange rate between the naira and the US dollar at the black market remained flat on Friday, 13th January 2023, trading at an average of N735/$1. The same as recorded in the previous trading session.
This is according to information from black market traders who spoke to Nairametrics.
