Daily Dollar to Naira Exchange Rate Tracker 9th January 2023
This is our daily tracker of the exchange rates…
The exchange rate between the naira and the US dollar depreciated on Monday, 9th January 2023, to trade at an average of N745/$1 on the black market, following two weeks of stability.
This is according to information from black market traders. Compared to the N731/$1 recorded last week Friday, naira depreciated by 1.92%.
According to FX traders, the downturn was expected at the beginning of the year, due to increased demands for foreign exchange in the country. The high demand according to the trader is because of Nigerians who want to pay for school fees abroad, purchase assets, and send funds to children abroad amongst others.
Also, the exchange rate at the cryptocurrency P2P exchange depreciated by 0.35% on Monday morning to trade at a minimum of N745.6/$1.
Meanwhile, the exchange rate at the investors and exporters (I&E) window weakened slightly to N461.67/$1 on Friday, 6th January 2023, a 0.04% depreciation from the N461.5/$1 recorded on Thursday, 5th January 2023.
A total of $79.05 million was traded at the official market on Friday, a marginal increase compared to $68.14 million that exchanged hands the previous day. Nigeria’s external reserves, however, stood at $37.15 billion as of 5th January 2023, representing a 0.12% increase from the $37.11 billion recorded as 4th December 2022.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.67/$1 on Friday, 6th January 2023, representing a 0.04% depreciation from N461.5/$1 recorded on Thursday.
The opening indicative rate closed at N459.5/$1 on Friday, 6th January 2023.
Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.6751, while it traded for as low as N440/$1 during intra-day trading.
A sum of $79.05 million in FX value exchanged hands at the I&E window on Friday, which is 16.01% higher than the $68.14 million that was traded in the previous session.