Daily Dollar to Naira Exchange Rate Tracker 3rd March 2023

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Daily Dollar to Naira Exchange Rate Tracker 3rd March 2023

The naira appreciated against the US dollar at the black market on Friday, 3rd March 2023 to trade at an average of N760/$1, representing an uptrend of 1.05% from N768/$1 it recorded in the previous trading session.

This is according to information from black market FX operators.

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On the flip side, the exchange rate between the naira and the US dollar at the cryptocurrency P2P exchange market weakened by 0.18% to trade at an average of N741/$1 on Friday morning, 3rd March 2023, as against N739.7/$1 recorded on Thursday.

Similarly, the rate of exchange between the naira and the US dollar depreciated marginally against the US dollar at the official Investors and Exporters window to close at N461.4/$1 on Thursday, 2nd March 2023, from N461.35/$1 recorded on Wednesday.

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However, forex turnover decreased by 2.19% to $96.44 million at the official exchange on Thursday, from the $98.6 million that was transacted on Wednesday. The nation’s external reserves stood at $36.66 billion as of Wednesday, 1st March 2023 from $36.67 billion recorded on Tuesday, 28th Februa 2023.

Trading at the official NAFEX window

The exchange rate at the official market closed at N461.4/$1 on Thursday, 2nd March 2023, an 0.01% depreciation from N461.35/$1 it recorded on Wednesday, 1st March 2023.

The opening indicative rate closed at N461.5/$1 on Thursday, 2nd March 2023.

Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.4/1, while it traded for as low as N446/$1 during intra-day trading.

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A sum of $96.44 million in FX value was traded at the I&E window on Thursday, which is 2.19% lower than the $98.6 million that exchanged hands in the previous session.

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