The exchange rate between the naira and the US dollar depreciated on Monday, to trade at an average of N745/$1 on the black market, following two weeks of stability.
This was based on information gathered from black market traders.
NewsBeatng reports that when compared to the N731/$1 recorded last week Friday, naira depreciated by 1.92%.
According to FX traders, the downturn was expected at the beginning of the year, due to increased demands for foreign exchange in the country. The high demand according to the trader is because of Nigerians who want to pay for school fees abroad, purchase assets, and send funds to children abroad amongst others.
Also, the exchange rate at the cryptocurrency P2P exchange depreciated by 0.35% on Monday morning to trade at a minimum of N745.6/$1.
Meanwhile, the exchange rate at the investors and exporters (I&E) window weakened slightly to N461.67/$1 on Friday, 6th January 2023, a 0.04% depreciation from the N461.5/$1 recorded on Thursday, 5th January 2023.