Daily Dollar to Naira Exchange Rate Tracker 16th February 2023

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Daily Dollar to Naira Exchange Rate Tracker 16th February 2023

The exchange rate between the naira and the US dollar remained stable on Thursday, 16th February 2023 at the black market, trading at an average of N755/$1, the same rate as recorded previous trading session.

This is according to information from black market FX operators. Specifically, the traders noted that the buy FX from customers at an average of N745/$1 and sell for N755/$1. However, they also added that in some cases the rate could vary depending on the form of transaction, cash or transfer.

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Meanwhile, naira appreciated marginally against the US dollar at the investors and exporters (I&E) window to close at N461.5/$1 on Wednesday, 15th February 2023 from N461.67/$1 recorded on Tuesday.

READ ALSO: Cash and fuel scarcity, Fishermen Lament as it Bite Harder on their Businesses

On the other hand, the exchange rate at the cryptocurrency P2P exchange market depreciated marginally by 0.09% to N755.9/$1 on Thursday morning, 16th February 2023, from N755.18/$1 recorded in the previous trading session.

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A total of $89.54 million in FX value was traded at the official exchange on Wednesday, representing a 30.05% increase when compared to the $68.85 million that exchanged hands in the previous day. The nation’s foreign reserves on the other hand, declined further to $36.81 billion on Tuesday from $36.82 billion.

Trading at the official NAFEX window

The exchange rate at the official market closed at N461.5/$1 on Wednesday, 15th February 2023, a 0.04% appreciation from N461.67/$1 recorded on Tuesday, 14th February 2023.

READ ALSO: Cattle, Sheep Or Goats: Which Should A Farmer Keep?

The opening indicative rate closed at N461.25/$1 on Wednesday, 15th February 2023.

Furthermore, an exchange rate of N462.02/$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 $89.54 million in FX value was transacted at the I&E window on Wednesday which is 30.05% higher than the $68.85 million that exchanged hands in the previous session.

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