Black market exchange rate appreciates to N743$1

The exchange rate between the Naira and the dollar at the black market appreciated by 0.27 per cent to trade at N743/$1 on Thursday, from N745/$1 recorded in the previous trading session.

Also, the Naira strengthened against the US dollar at the P2P cryptocurrency Exchange with a 0.32 per cent appreciation from N744.45/$1 recorded on Wednesday morning to trade at a minimum of N742.1/$1 on Thursday morning.

On the flip side, the exchange at the official importer and exporter window depreciated further on Wednesday to close at N456.33/$1 on Wednesday from N452.67/$1 that was recorded in the previous trading session. This represents the lowest level on record.

However, there was a 181.62 per cent increase in the amount of FX that was traded at the official market. A total of $377.48 million was traded at the exchange on Wednesday, compared to the $134.04 million that exchanged hands on Tuesday.

Nigeria’s external reserve stood at $36.95 billion as of 20th December 2022, a slight increase from the $36.94 billion recorded as of the previous day.