See Exchange Rate Tonight As Naira Depreciates Further

Naira depreciated against the US dollar on Thursday, 23rd February 2023 at the black market to trade at an average of N765/$1, representing a 0.39% depreciation from N762/$1 recorded in the previous trading session.

The exchange rate has remained unstable due to decline in trading activities amidst cash crunch and downtime in banking applications.

This is according to information from black market FX operators.

Similarly, the exchange rate between the naira and the US dollar fell further by 0.13% at the cryptocurrency P2P exchange market, trading at an average of N754.1/$1 on Thursday morning, 23rd February 2023, compared to N753.13/$1 recorded on Wednesday.

Also, the exchange rate at the official Investors and Exporters window depreciated marginally by 0.06% to close at N461.6/$1 on Wednesday, 22nd February 2023 against N461.33/$1 recorded on Tuesday.

See Exchange Rate Tonight As Naira Depreciates Further

Meanwhile, a sum of $81.95 million was transacted at the official exchange, representing an increase of 69.74% on Wednesday, from the $48.28 million that exchanged hands on Tuesday.

The nation’s external reserves, fell for the seventh consecutive day to $36.72 billion on Tuesday from $36.73 billion, bringing the cumulative decline for the month of February to $272.12 million.

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.6/$1 on Wednesday, 22nd February 2023, a 0.06% depreciation from N461.33/$1 recorded on Tuesday, 21st February 2023. 

• The opening indicative rate closed at N461.35/$1 on Wednesday, 22nd February 2023. 
• Furthermore, an exchange rate of N462.01/$1 was the highest rate recorded during intra-day trading before it settled at N461.6/1, while it traded for as low as N446/$1 during intra-day trading. 
• A sum of $81.95 million in FX value was traded at the I&E window on Wednesday which is 69.74% higher than the $48.28 million that exchanged hands in the previous session.