See Exchange Rate Tonight As Naira Falls At Black Market

The exchange rate between the naira and the US dollar depreciated marginally by 0.26% on Wednesday, 22nd February 2023 to trade at an average of N762/$1, from N760/$1 recorded in the previous trading session.

The exchange rate is highly volatile as traders have reduced trading activities due to banking app downtime and lack of cash.

This is according to information from black market FX operators.

Also, the exchange rate between the naira and the US dollar depreciated marginally at the cryptocurrency P2P exchange market trading at an average of N753.13/$1 on Wednesday morning, 22nd February 2023, against N753.1/$1 recorded on Tuesday.

On the other hand, naira appreciated marginally against the US dollar at the investors and exporters (I&E) window to close at N461.33/$1 on Tuesday, 21st February 2023 compared to N461.5/$1 recorded on Monday.

See Exchange Rate Tonight As Naira Falls At Black Market

A sum of $48.28 million was transacted at the official exchange, recording an increase of 19.86% on Tuesday, against the $40.28 million that exchanged hands on Monday.

The nation’s external reserves likewise, declined further for the sixth consecutive day to $36.73 billion on Monday from $36.76 billion.

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.33/$1 on Tuesday, 21st February 2023, a 0.04% appreciation from N461.5/$1 recorded on Monday, 20th February 2023. 

• The opening indicative rate closed at N461.55/$1 on Tuesday, 21st February 2023. 
• Furthermore, an exchange rate of N462.41/$1 was the highest rate recorded during intra-day trading before it settled at N461.33/1, while it traded for as low as N406.75/$1 during intra-day trading.
• A sum of $48.28 million in FX value was traded at the I&E window on Tuesday which is 19.86% higher than the $40.28 million that exchanged hands in the previous session.