Business

Naira Weakens At Black Market As Dollar Appreciate

Published

1 year ago

January 18, 2023

Naira Weakens At Black Market As Dollar Appreciate

Black market exchange rate appreciates further to N735/$1 on 12th January 2023
Black market exchange rate appreciates further to N747/$1 on 17th January 2023

The exchange rate between the naira and the US dollar at the black market depreciated on Tuesday 17th January 2023, trading at an average of N747/$1. This represents a 1.63% fall compared to N735/$1 maintained in the last three trading sessions.

This is according to information from black market traders who spoke to Nairametrics. The downturn in the black market was attributed to increased demand for FX as a result of the coming Chinese New Year holiday.

A check by Blaze Newz confirmed a Dollar to Naira at the official rate is 453.58.

Similarly, the exchange rate at the cryptocurrency P2P exchange depreciated by 0.50% on Tuesday morning to trade at a minimum of N747.7/$1, compared to N743.95/$1 recorded as of the same time on Monday.

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.5/$1 on Monday, 16th January 2023, a 0.09% improvement from N461.9/$1 recorded in the previous trading session.

Forex turnover surged by 175.2% on Monday as a sum of $198.6 million exchanged hands in contrast to $72.18 million that was traded on Friday, 13th January 2023.

Nigeria’s external reserves however, stood at $37.206 billion as of 13th January 2023, representing a marginal decrease of 0.002% from the $37.206 billion recorded as 12th December 2022, a reversal from the seventh consecutive increase it had recorded.