Naira grows stronger at black market, trades at N738/$1

The exchange rate between the naira and the US dollar strengthened yesterday morning, at the black market, trading at an average of N738/$1 from N740/$1 recorded in the previous trading session.

In the same vein, the exchange rate at the P2P cryptocurrency Exchange gained on Thursday morning, trading at a minimum of N733.4/$1 compared to N739/$1 recorded yesterday.

Meanwhile, the rate of exchange at the official importer and exporter (I&E) window depreciated on Wednesday, to close at N461.33/$1, which is the lowest ever rate at the official market on record.

A total of $196.06 million was traded at the exchange on Wednesday, a 25.79 per cent increase compared to the $155.86 million that exchanged hands last week Friday.