Naira improves at the black market to N730/$1 on Thursday

The exchange rate between the Naira and the US dollar appreciated on Thursday, trading at an average of N730/$1 at the black market, an improvement of 0.82 per cent from N736/$1 that was recorded in the last three trading days.

Similarly, the exchange rate at the P2P cryptocurrency Exchange strengthened on Thursday morning, trading at a minimum of N743.79/$1, a 0.69 per cent appreciation compared to N748.95/$1 recorded in the previous day session.

Meanwhile, the naira depreciated against the US dollar at the official investors and exporters (I&E) window to close at N461.67/$1 on Wednesday, a 0.15 per cent depreciation from the N461/$1 recorded on Tuesday.

A total of $69.33 million was traded at the official market on Wednesday, a significant drop of 54.82 per cent compared to the $153.45 million that exchanged hands the previous day. Nigeria’s external reserve stood at $37.07 billion as of 3rd January 2023, a decrease of 0.04 per cent from the $36.08 billion recorded as 30th December 2022.