Daily Dollar to Naira Exchange Rate Tracker 12th January 2023
This is our daily tracker of the exchange rates
The exchange rate between the naira and the US dollar at the black market appreciated on Thursday, 12th January 2023 to trade at an average of N735/$1. Representing an uptrend of 0.41% compared to N738/$1 recorded on Wednesday.
This is according to information from black market traders who spoke to Nairametrics.
Also, the exchange rate at the cryptocurrency P2P exchange appreciated by 0.11% on Thursday morning to trade at a minimum of N747/$1 from N747.85/$1 recorded as of the same time on Wednesday.
On the other hand, the exchange rate at the investors and exporters (I&E) window closed at N461.9/$1 on Wednesday, 11th January 2023, compared to N461.5/$1 recorded in the previous trading session.
The official exchange rate depreciated by 0.1% despite a 28.5% increase in trading activities at the exchange. Notably, a total of $151.26 million was traded on Wednesday, against the $117.63 million that exchanged hands in the previous day.
Nigeria’s external reserves however, stood at $37.2 billion as of 10th January 2023, representing a 0.02% increase from the $37.19 billion recorded as 9th December 2022, indicating a fifth successive increase in the nation’s reserve level.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.9/$1 on Wednesday, 11th January 2023, from N461.5/$1 recorded in the previous trading session.
The opening indicative rate closed at N460.25/$1 on Wednesday, 11th January 2023.
Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.9/1, while it traded for as low as N440/$1 during intra-day trading.
A sum of $151.26 million in FX value exchanged hands at the I&E window on Wednesday, which is 28.59% higher than the $117.63 million that was traded in the previous session.