Daily Dollar to Naira Exchange Rate Tracker 8th February 2023

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Daily Dollar to Naira Exchange Rate Tracker 8th February 2023

Naira depreciated against the US dollar at the black market on Wednesday, 8th February 2023, trading at an average of N750/$1. This represents a depreciation of 0.67% compared to N745/$1 recorded on Tuesday, 7th February 2023.

This is according to information from black market FX traders.

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Likewise, the exchange rate at the cryptocurrency P2P exchange depreciated on Wednesday, 8th February 2023, trading at a minimum of N747.30/$1, a 0.09% fall against N746.6/$1 recorded in the previous trading session.

On the other side, the exchange rate at the investors and exporters (I&E) window appreciated by 0.14% to close at N461.5/$1 on Tuesday, from N462.17/$1 recorded on Monday, 6th February 2023.

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READ ALSO: Breaking: Supreme Court Gives Fresh Order On Deadline For Old Naira Notes

However, Forex turnover at the official market reduced by 39.08% on Tuesday to $74.58 million, from $122.43 million that exchanged hands on Monday. 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 N461.5/$1 on Tuesday, 7th February 2023, a 0.14% appreciation from N462.17/$1 recorded on Monday, 6th February 2023.

The opening indicative rate closed at N461.5/$1 on Tuesday, 7th 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 N416/$1 during intra-day trading.

A sum of $74.58 million in FX value was transacted at the I&E window on Tuesday, which is 39.08% lower than the $122.43 million that was traded in the previous session.

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