DAILY DOLLAR TO NAIRA EXCHANGE RATE TRACKER 7TH MARCH 2023
The exchange rate between the naira and the US dollar appreciated marginally by 0.27% at the black market on Tuesday, 7th March 2023 to trade at an average of N748/$1, from N750/$1 that was recorded in the previous trading session.
This is according to information from black market FX operators.
Similarly, the naira appreciated marginally against the US dollar at the official Investors and Exporters window by 0.09% to close at N461.33/$1 on Monday, 6th March 2023, compared to N461.75/$1 that it closed at Friday.
Also, the exchange rate between the naira and the US dollar at the cryptocurrency P2P exchange market improved to trade at an average of N736.06/$1 on Tuesday morning, 7th March 2023. This represents an appreciation of 0.37% from N738.78/$1 recorded on Monday.
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Forex turnover however increased by 59.85% to $108.01 million at the official exchange on Monday, compared to the $67.57 million that exchanged hands on Friday. The nation’s external reserves stood at $36.67 billion a of Monday, 6th March 2023 from $36.61 billion recorded on Friday, 3rd March 2023.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.33/$1 on Monday, 6th March 2023, an 0.09% appreciation from N461.75/$1 it recorded on Friday, 3th March 2023.
The opening indicative rate closed at N461.5/$1 on Monday, 6th March 2023.
■ Furthermore, an exchange rate of N462.32/$1 was the highest rate recorded during intra-day trading before it settled at N461.33/1, while it traded for as low as N446/$1 during intra-day trading.
A sum of $108.01 million in FX value was traded at the I&E window on Monday, which is 59.85% higher than the $67.57 million that exchanged hands in the previous session.
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