The exchange rate between the naira and the US dollar depreciated at the black market on Tuesday, 7th February 2023, trading at an average of N745/$1, compared to N744/$1 recorded on Monday, 6th February 2023.
This is according to information from black market FX traders.
Similarly, the exchange rate at the investors and exporters (I&E) window depreciated by 0.15% to close at N462.17/$1 on Monday, from N461.5/$1 recorded last week Friday.
Also, the exchange rate at the cryptocurrency P2P exchange weakened marginally by 0.11% on Tuesday, 7th February 2023 to trade at a minimum of N746.6/$1, as against N745.77/$1 recorded in the previous trading session.
See Dollar To Naira Exchange Rate Tonight As Naira Depreciates
However, Forex turnover at the official market increased by 2.51%% on Monday to $122.43 million, from $119.43 million that exchanged hands on Friday. Nigeria’s external reserves level decreased by 0.09% on Friday, 3rd February 2023 to stand at $36.988 billion from $37.02 billion recorded in the previous day.
rading at the official NAFEX window
The exchange rate at the official market closed at N462.17/$1 on Monday, 6th February 2023, a 0.15% depreciation from N461.5/$1 recorded on Friday, 3rd February 2023.
- The opening indicative rate closed at N461.39/$1 on Monday, 6th February 2023.
- Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N462.17/1, while it traded for as low as N446/$1 during intra-day trading.
- A sum of $122.43 million in FX value was transacted at the I&E window on Monday, which is 2.51% higher than the $119.43 million that was traded in the previous session.
