Black market exchange rate appreciates to N745/$1 on Wednesday

Naira strengthened marginally against the US dollar on Wednesday, recording a 0.27 per cent appreciation to trade at an average of N745/$1 compared to N747/$1 recorded on Tuesday.

However, the exchange rate dipped by 0.12 per cent against the US dollar at the P2P cryptocurrency exchange, trading at a minimum of N748.9/$1 on Wednesday morning, against N748/$1 recorded on Tuesday 13th December 2022.

Also, the exchange rate at the official Investors and Exporters window depreciated by 0.09 per cent to close at N446.38/$1 on Tuesday, 13th December 2022 compared to N446/$1 recorded in the previous trading session.

However, Forex turnover declined by 7.59 per cent to $72.15 million on Tuesday, compared to $78.08 million that was traded in the previous session. Nigeria’s external reserve dipped by 0.01 per cent on Friday, 9th December 2022 to stand at $36.957 billion, from $36.962 billion recorded as of the previous day.