Daily Dollar to Naira Exchange Rate Tracker 7th February 2023

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Daily Dollar to Naira Exchange Rate Tracker 7th February 2023

The exchange rate between the naira and the US dollar depreciated at the black market on Tuesday, 7th February 2023, trading at an average of N745/$1, compared to N744/$1 recorded on Monday, 6th February 2023.

This is according to information from black market FX traders.

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Similarly, the exchange rate at the investors and exporters (I&E) window depreciated by 0.15% to close at N462.17/$1 on Monday, from N461.5/$1 recorded last week Friday.

Also, the exchange rate at the cryptocurrency P2P exchange weakened marginally by 0.11% on Tuesday, 7th February 2023 to trade at a minimum of N746.6/$1, as against N745.77/$1 recorded in the previous trading session.

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However, Forex turnover at the official market increased by 2.51%% on Monday to $122.43 million, from $119.43 million that exchanged hands on Friday. Nigeria’s external reserves level decreased by 0.09% on Friday, 3rd February 2023 to stand at $36.988 billion from $37.02 billion recorded in the previous day.

Trading at the official NAFEX window

The exchange rate at the official market closed at N462.17/$1 on Monday, 6th February 2023, a 0.15% depreciation from N461.5/$1 recorded on Friday, 3rd February 2023.

The opening indicative rate closed at N461.39/$1 on Monday, 6th February 2023.

Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N462.17/1, while it traded for as low as N446/$1 during intra-day trading.

A sum of $122.43 million in FX value was transacted at the I&E window on Monday, which is 2.51% higher than the $119.43 million that was traded in the previous session.

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