The exchange rate between the naira and the US dollar improved by 0.13% at the black market on Tuesday, 28th March 2023 trading at an average of N745/$1, compared to N746/$1 that was recorded in the previous trading session.
This is according to information from black market FX operators.
On the flip side, naira recorded a marginal depreciation of 0.03% against the US dollar at the cryptocurrency P2P exchange market to trade at an average of N746.67/$1 on Tuesday morning, 28th March 2023, from N746.45/$1 recorded on Monday.
Also, the rate of exchange between the naira and the US dollar at the official and Exporters window depreciated marginally by 0.04% to close at N461.5/$1 on Monday, 27th March 2022, as against N461.33/$1 that was recorded on Friday.
See Exchange Rate Tonight As Black Market Exchange Rate Appreciates
Forex supply, however, decreased by 57.84% to $101.77 million at the official exchange on Monday, from the $241.38 million that exchanged hands on Friday.
The nation’s external reserves stood at $35.74 billion as of Friday, 24th March 2023 from $35.78 billion recorded on Thursday, 23rd March 2023.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.5/$1 on Monday, 27th March 2023, a marginal depreciation of 0.04% from N461.33/$1 recorded on Friday, 24th March 2023.
- The opening indicative rate closed at N461.75/$1 on Monday, 27th March 2023.
- Furthermore, an exchange rate of N462.42/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/$1, while it traded as low as N460/$1 during intra-day trading.
- A sum of $101.77 million in FX value was traded at the I&E window on Monday, which is 57.84% lower than the $241.38 million that exchanged hands in the previous session.