Daily Dollar to Naira Exchange Rate Tracker 17th February 2023

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Daily Dollar to Naira Exchange Rate Tracker 17th February 2023

The exchange rate between the naira and the US dollar depreciated slightly on Friday, 17th February 2023 at the black market, trading at an average of N756/$1, a 0.13% depreciation from N755/$1 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 N747/$1 and sell for N756/$1. These rates however vary based on the form of transaction, cash or transfer.

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In the same vein, the naira depreciated against the US dollar at the cryptocurrency P2P exchange market trading at an average of N756.6/$1 on Friday morning, 17th February 2023, from N755.9/$1 recorded in the previous trading session.

Also, the exchange rate between the naira and the US dollar depreciated by 0.11% at the investors and exporters (I&E) window to close at N462/$1 on Thursday, 16th February 2023 compared to N461.5/$1 recorded on Wednesday.

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READ ALSO: BREAKING: CBN orders banks to collect old N500, N1,000 notes

A total of $69.72 million in FX value was transacted at the official exchange on Thursday, representing a 22.14% decrease against the $89.54 million that exchanged hands in the previous day. The nation’s external reserves likewise, declined further to $36.79 billion on Wednesday from $36.81 billion.

Trading at the official NAFEX window

The exchange rate at the official market closed at N462/$1 on Thursday, 16th February 2023, a 0.11% depreciation from N461.5/$1 recorded on Wednesday, 15th February 2023.

The opening indicative rate closed at N461.3/$1 on Thursday, 16th February 2023.

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

A sum of $69.72 million in FX value was traded at the I&E window on Thursday which is 22.14% lower than the $89.54 million that exchanged hands in the previous session.

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