Daily Dollar to Naira Exchange Rate Tracker 20th January 2023
The exchange rate between the naira and the US dollar at the black market appreciated slightly by 0.27% on Friday, 20th January 2023, trading at an average of N746/$1 compared to N748/$1 recorded on the previous day.
This is according to information from FX black market traders.
In the same vein, the exchange rate at the cryptocurrency P2P exchange improved on Friday morning to trade at a minimum of N743.9/$1, a 0.35% appreciation compared to N746.48/$1 recorded as of the same time on Thursday.
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On the other hand, the exchange rate at the investors and exporters (I&E) window closed at N461.5/$1 on Thursday, 19th January 2023, recording a slight depreciation compared to N461.25/$1 that it closed at the end of the previous trading session.
Forex turnover increased by 292.3% on Thursday to $217.86 million, its highest daily volume since 21st December 2022. Meanwhile, Nigeria’s external reserves stood at $37.205 billion as of 18th January 2023, representing a decrease of 0.01% from the $37.208 billion recorded on 17th January 2023.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.5/$1 on Thursday, 19th January 2023, a 0.05% depreciation from N461.25/$1 recorded in the previous trading session.
The opening indicative rate closed at N461.1/$1 on Thursday, 19th January 2023.
Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/1, while it traded for as low as N440/$1 during intra-day trading.
A sum of $217.86 million in FX value exchanged hands at the I&E window on Thursday, which is 292.3%
higher than the $55.54 million that was traded in the previous session.