Daily Dollar to Naira Exchange Rate Tracker 1st February 2023

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Daily Dollar to Naira Exchange Rate Tracker 1st February 2023

The exchange rate between the naira and the US dollar traded for an average of N745/$1 on Wednesday, 1st February 2023, representing a 0.80% appreciation when compared to N751/$1 recorded in the previous trading session.

This is according to information from black market FX traders.

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Similarly, the exchange rate at the cryptocurrency P2P exchange appreciated on Wednesday, 1st February 2023 to a minimum of N745.5/$1, from N752/$1 recorded on Tuesday’s trading session.

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.5/$1 on Tuesday, 31st January 2023, the same rate as recorded in the previous trading session.

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Forex turnover however decreased by 43.49% on Tuesday to $85.04 million, from $150.49 million that exchanged hands on Monday. Nigeria’s external reserves fell for the tenth straight day to stand at $37.01 billion as of 30th January 2023, representing a decline of 0.09% from the $37.04 billion recorded as of 27th January 2023.

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Trading at the official NAFEX window

The exchange rate at the official market closed at N461.5/$1 on Tuesday, 31st January 2023, the same rate was recorded on Monday, 30th January 2023.

The opening indicative rate closed at N461.5/$1 on Tuesday, 31st 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 $85.04 million in FX value was transacted at the I&E window on Tuesday, which is 43.49% lower than the $150.49 million that was traded in the previous session.

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