Naira Weakens At Black Market As Dollar Gains

The exchange rate between the Nigerian Naira and the Uniter States dollar depreciated slightly on Friday, 17th February 2023 at the black market, trading at an average of N756/$1,a 0.13% depreciation from N755/$1 recorded previous trading session.

This is according to information from black market FX operators who said they buy FX from customers at an average of N747/$1 and sell for N756/$1.

These rates however vary based on the form of transaction, cash or transfer.

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In the same vein, the naira depreciated against the US dollar at the cryptocurrency P2P exchange market trading at an average of N756.6/$1 on Friday morning, 17th February 2023, from N755.9/$1 recorded in the previous trading session.

Also, the exchange rate between the naira and the US dollar depreciated by 0.11% at the investors and exporters (I&E) window to close at N462/$1 on Thursday, 16th February 2023 compared to N461.5/$1 recorded on Wednesday.

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A total of $69.72 million in FX value was transacted at the official exchange on Thursday, representing a 22.14% decrease against the $89.54 million that exchanged hands in the previous day.

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The nation’s external reserves likewise, declined further to $36.79 billion on Wednesday from $36.81 billion.