Daily Dollar to Naira Exchange Rate Tracker 10th February 2023
The exchange rate between the naira and the US dollar at the black market remained flat on Friday, 10th February 2023, trading at an average of N740/$1, which is the same rate recorded on Thursday, 9th February 2023.
The exchange rate has remained stable following the increased cash demand across the country as black-market traders have lamented the lack of cash in the market. This is according to information from black market FXoperators.
The local currency at the cryptocurrency P2P exchange depreciated on the other hand against the US dollar by 0.18% on Friday, 10th February 2023, trading at a minimum of N748.8/$1, as against N747.48/$1 recorded in the previous trading session.
Meanwhile, the exchange rate at the investors and exporters (I&E) window appreciated marginally to close at N461.1/$1 on Thursday, from N461.17/$1 recorded on Wednesday, 8th February 2023.
However, Forex turnover at the official market fell to its lowest since October 24th 2022 to $40.24 million, representing a 27.52% decline compared to $55.52 million that exchanged hands on Wednesday.
Nigeria’s external reserves fell for the fourth consecutive day, depreciating by 0.09% to stand at $36.82 billion as of Wednesday, 8th February 2023 from $36.86 billion recorded in the previous day.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.1/$1 on Thursday, 9th February 2023, a 0.02% appreciation from N461.17/$1 recorded on Wednesday, 8th February 2023.
The opening indicative rate closed atN461.25/$1on Thursday, 9th February 2023.
Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.1/1, while it traded for as low as N439.96/$1 during intra-day trading.
A sum of $ 40.24 million in FX value was transacted at the I&E window on Thursday, which is27.52%lowerthanthe $55.52 million that was traded in the previous session.