Black market exchange rate depreciates to N748/$1

The ex change rate between the naira and the US dollar at the black market depreciated by 0.27 per cent to trade an average of N748/$1 on Thursday, compared to N746/$1 recorded on the previous day.

However, the exchange rate at the cryptocurrency P2P exchange improved marginally on Thursday morning to trade at a minimum of N746.48/$1, an 0.02 per cent appreciation compared to N746.6/$1 recorded as of the same time on Wednesday.

Similarly, the exchange rate at the investors and exporters (I&E) window closed at N461.25/$1 on Wednesday, recording a slight improvement compared to N461.5/$1 that it closed at the end of the previous trading session.

A sum of $55.54 million exchanged hands on Wednesday, which is marginally higher than the $55.52 million that was traded on Tuesday.

Meanwhile, Nigeria’s external reserves stood at $37.208 billion as of 17th January 2023, representing a decrease of 0.006 per cent from the $37.210 billion recorded on 16th January.