Dollar To Naira Rate: Black market exchange rate depreciates to N748/$1 on 3rd February 2023

The exchange rate between the naira and the US dollar weakened at the black market on Friday, 3rd February 2023, to trade to an average of N748/$1, representing a 0.4% depreciation compared to N745/$1 recorded on Thursday, 2nd February 2023. 

This is according to information from black market FX traders who spoke to Nairametrics.  

Also, the exchange rate at the investors and exporters (I&E) window depreciated marginally to N462/$1 following a streak of stability for three consecutive days at N461.5/$1. Forex turnover however increased by 13.27% on Thursday to $119.35 million, from $105.37 million that exchanged hands on Wednesday. 

On the flip side, the exchange rate at the cryptocurrency P2P exchange appreciated by 0.16% on Friday, 3rd February 2023 to a minimum of N745/$1, as against N746.22/$1 recorded in the previous trading session. 

Nigeria’s external reserves recorded its first gain after eleven consecutive days of declines, The reserve level increased by 0.04% on Wednesday, 1st February 2023 to stand at $37.01 billion from $36.99 billion recorded in the previous day. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N462/$1 on Thursday, 2nd February 2023, a 0.11% depreciation from N461.5/$1 recorded on Wednesday, 1st February 2023. 

• The opening indicative rate closed at N461.1/$1 on Thursday, 2nd February 2023. 
• Furthermore, an exchange rate of N462.55/$1 was the highest rate recorded during intra-day trading before it settled at N462/1, while it traded for as low as N423/$1 during intra-day trading. 

• A sum of $119.35 million in FX value was transacted at the I&E window on Thursday, which is 13.27% higher than the $105.37 million that was traded in the previous session. 

Naira remains stable at N745/$1 at the black market on 2nd February 2023

The exchange rate between the naira and the US dollar traded for an average of N745/$1 on Thursday, 2nd February 2023, the same rate as recorded on Wednesday, 1st February 2023. 

This is according to information from black market FX traders who spoke to Nairametrics.  

On the other hand, the exchange rate at the cryptocurrency P2P exchange depreciated on Thursday, 2nd February 2023 to a minimum of N746.22/$1, from N755.5/$1 recorded in the previous trading session. 

Also, the exchange rate at the investors and exporters (I&E) window maintained the same rate for the third consecutive trading session on Wednesday, closing at N461.5 to a dollar. 

Forex turnover however increased by 23.91% on Wednesday to $105.37 million, from $85.04 million that exchanged hands on Tuesday. Nigeria’s external reserves fell for the eleventh straight day to stand at $36.99 billion as of 31st January 2023, representing a decline of 0.03% from the $37.01 billion recorded as of 30th January 2023.