Daily Dollar to Naira Exchange Rate Tracker 2nd February 2023

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Daily Dollar to Naira Exchange Rate Tracker 2nd February 2023

The exchange rate between the naira and the US dollar traded for an average of N745/$1 on Thursday, 2nd February 2023, the same rate as recorded on Wednesday, 1st February 2023.

This is according to information from black market FX traders.

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On the other hand, the exchange rate at the cryptocurrency P2P exchange depreciated on Thursday, 2nd February 2023 to a minimum of N746.22/$1, from N755.5/$1 recorded in the previous trading session.

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Also, the exchange rate at the investors and exporters (I&E) window maintained the same rate for the third consecutive trading session on Wednesday, closing at N461.5 to a dollar.

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Forex turnover however increased by 23.91% on Wednesday to $105.37 million, from $85.04 million that exchanged hands on Tuesday. Nigeria’s external reserves fell for the eleventh straight day to stand at $36.99 billion as of 31st January 2023, representing a decline of 0.03% from the $37.01 billion recorded as of 30th January 2023.

Trading at the official NAFEX window

The exchange rate at the official market closed at N461.5/$1 on Wednesday, 1st February 2023, same rate recorded on Tuesday, 31st January 2023.

The opening indicative rate closed at N461.5/$1 on Wednesday, 1st February 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 $105.37 million in FX value was transacted at the I&E window on Wednesday, which is 43.49% higher than the $85.04 million that was traded in the previous session.

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