Daily Dollar to Naira Exchange Rate Tracker 31st January 2023

Daily Dollar to Naira Exchange Rate Tracker 31st January 2023

The exchange rate between naira and the US dollar moderated slightly to an average of N751/$1 on Tuesday, 31st January 2022

The exchange rate between the naira and the US dollar moderated slightly to an average of N751/$1 on Tuesday, 31st January 2022, compared to N752/$1 recorded in the previous trading session.

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This is according to information from black market FX traders.

Also, the exchange rate at the cryptocurrency P2P exchange improved marginally to trade at a minimum of N752/$1, on Tuesday morning from N752.4/$1 recorded on Monday’s trading session.

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Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.5/$1 on Monday, 30th January 2023, representing a 0.05% appreciation compared to N461.75/$1 recorded in the previous trading session.

Forex turnover however increased by 54.08% on Monday to $150.49 million, from $97.67 million that exchanged hands last week Friday. Nigeria’s external reserves fell for the ninth straight day to stand at $37.04 billion as of 27th January 2023, representing a decline of 0.08% from the $37.07 billion recorded as of 26th January 2023.

Trading at the official NAFEX window

The exchange rate at the official market closed at N461.5/$1 on Monday, 30th January 2023, a 0.05% appreciation from N461.75/$1 recorded on Friday, 27th January 2023.

The opening indicative rate closed at N461.5/$1 on Monday, 30th 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 N446/$1 during intra-day trading.

A sum of $150.49 million in FX value was transacted at the I&E window on Monday, which is 54.1% higher than the $97.67 million that was traded in the previous session.