Black market exchange rate trades at N755/$1

The exchange rate between the naira and the US dollar remained stable on Thursday at the black market, trading at an average of N755/$1, the same rate as recorded previous trading session.

This is according to information from black market FX operators. Specifically, the traders noted that they buy FX from customers at an average of N745/$1 and sell for N755/$1. However, they also added that in some cases the rate could vary depending on the form of transaction, cash or transfer.

Meanwhile, naira appreciated marginally against the US dollar at the investors and exporters (I&E) window to close at N461.5/$1 on Wednesday from N461.67/$1 recorded on Tuesday.

However, the exchange rate at the cryptocurrency P2P exchange market depreciated marginally by 0.09 per cent to N755.9/$1 on Thursday morning, 16th February 2023, from N755.18/$1 recorded in the previous trading session.

A total of $89.54 million in FX value was traded at the official exchange on Wednesday, representing a 30.05 per cent increase when compared to the $68.85 million that exchanged hands in the previous day. The nation’s foreign reserves on the other hand, declined further to $36.81 billion on Tuesday from $36.82 billion.