Naira strengthens to N746/$1 at the black market 

The exchange rate between the naira and the US dollar on the black market appreciated on Wednesday, trading at an average of N746/$1.

This represents a marginal improvement of 0.13 per cent compared to N747/$1 recorded in the trading session.

However, the exchange rate at the cryptocurrency P2P exchange appreciated marginally by 0.15 per cent on Wednesday morning to trade at a minimum of N746.6/$1, compared to N747.7/$1 recorded as of the same time on Tuesday.

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.5/$1 on Tuesday, maintaining the same rate it recorded in the previous trading session.

A sum of $55.52 million exchanged hands on Tuesday, as forex turnover declined by 72.04 per cent compared to $198.6 million that was traded on Monday.

Nigeria’s external reserves, however, stood at $37.21 billion as of 16th January 2023, representing an increase of 0.013 per cent from the $37.206 billion recorded on 13th December.