Black market exchange rate appreciates further to N735/$1 

The exchange rate between the Naira and the US dollar at the black market appreciated on Thursday, to trade at an average of N735/$1. Representing an uptrend of 0.41 per cent compared to N738/$1 recorded on Wednesday.

Also, the exchange rate at the cryptocurrency P2P exchange appreciated by 0.11 per cent on Thursday morning to trade at a minimum of N747/$1 from N747.85/$1 recorded as of the same time on Wednesday.

However, the exchange rate at the Investors and Exporters (I&E) window closed at N461.9/$1 on Wednesday, compared to N461.5/$1 recorded in the previous trading session.

The official exchange rate depreciated by 0.1 per cent despite a 28.5 per cent increase in trading activities at the exchange. Notably, a total of $151.26 million was traded on Wednesday, against the $117.63 million that exchanged hands in the previous day.

Nigeria’s external reserves however, stood at $37.2 billion as of 10th January representing a 0.02 per cent increase from the $37.19 billion recorded as 9th December 2022, indicating a fifth successive increase in the nation’s reserve level.