Naira appreciates to N745/$1 at the black market

The exchange rate between the Naira and the US dollar improved at the black market on Tuesday, trading at an average of N745/$1, representing a 0.13 per cent appreciation compared to N746/$1 recorded on Monday.

This is according to information from black market traders.

According to the traders, they buy FX between N735/$1 and N740/$1, while they sell at a minimum of N743/$1 and a maximum of N745/$1.

Likewise, the exchange rate between the Naira and the US dollar at the P2P cryptocurrency market appreciated by 0.71 per cent to trade at a minimum of N744.48/$1 on Tuesday morning, from N749.8/$1 recorded during the previous trading session.

Meanwhile, the exchange rate at the official Investors and Exporters window remained closed flat at N451.5/$1 on Monday, the same as recorded on Friday, the previous week.

A total of $69.18 million was traded at the exchange on Monday, which is 80.52 per cent lower than the $355.12 million that exchanged hands on Friday. Meanwhile, the nation’s external reserve stood at $36.94 billion as of 16th December 2022, a 0.02 per cent decline from $36.95 billion recorded as of the previous day.