Naira Gains At Black Market As US Dollar Trades For N744

The exchange rate between the naira and the US dollar improved at the black market on Monday, 6th February 2023, to trade to an average of N744/$1, representing a 0.53% appreciation compared to N748/$1 recorded on Friday, 3rd February 2023. 

This was based on information gathered from black market FX traders on Monday. 

On the other hand, the exchange rate at the cryptocurrency P2P exchange depreciated marginally by 0.10% on Monday, 6th February 2023 to a minimum of N745.77/$1, as against N745/$1 recorded in the previous trading session. 

NewsBeatng reports that the exchange rate at the investors and exporters (I&E) window appreciated slightly to N461.5/$1, a gain of 0.11% from N462/$1 recorded on Friday, 3rd February 2023. Forex turnover however increased by 0.07% on Friday to $119.43 million, from $119.35 million that exchanged hands on Thursday. 

Nigeria’s external reserves level increased further by 0.03% on Thursday, 2nd February 2023 to stand at $37.02 billion from $37.01 billion recorded the previous day. 

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