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Naira falls sharply at the black market to N752/$1 on 30th January 2023 

The exchange rate between naira and the US dollar fell sharply to N752/$1 on Monday, 30th January 2022, representing a 0.94% depreciation compared to N745/$1 recorded last week Friday. 

This is according to information from black market FX traders who spoke to Nairametrics.  

Similarly, the exchange rate at the cryptocurrency P2P exchange depreciated on Monday morning to trade at a minimum of N752.4/$1, a 0.83% downturn compared to N746.2/$1 recorded as of the same time last week Friday, 27th January 2023. 

In the same vein, the exchange rate at the investors and exporters (I&E) window closed at N461.75/$1 on Friday, 27th January 2023, representing a 0.11% depreciation compared to N461.25/$1 recorded in the previous trading session. 

Forex turnover however surged by 116.3% on Friday to $97.67 million, from $45.16 million that exchanged hands in the previous session. Nigeria’s external reserves stood at $37.07 billion as of 26th January 2023, representing a decline of 0.07% from the $37.09 billion recorded as of 25th January 2023, representing the eighth consecutive day of decline. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.75/$1 on Friday, 27th January 2023, a 0.11% depreciation from N461.25/$1 recorded on Thursday, 26th January 2023. 

  • The opening indicative rate closed at N461.25/$1 on Friday, 27th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.75/1, while it traded for as low as N446/$1 during intra-day trading. 
  • A sum of $97.67 million in FX value was transacted at the I&E window on Friday, which is 116.28% higher than the $45.16 million that was traded in the previous session. 

Naira appreciates to N745/$1 at the black market on 27th January 2023

Naira strengthened against the US dollar at the black market on Friday, 27th January 2023 to trade at an average of N745/$1 compared to N751/$1 recorded in the previous trading session. 

This is according to information from FX black market traders who spoke to Nairametrics.  

Similarly, the exchange rate at the cryptocurrency P2P exchange appreciated on Friday morning to trade at a minimum of N746.2/$1, a 0.52% appreciation compared to N750.09/$1 recorded as of the same time in the previous trading session. 

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.25/$1 on Thursday, 26th January 2023, representing a 0.10% improvement compared to N461.7/$1 recorded in the previous trading session. 

Forex turnover however decreased by 58.88% on Thursday to $45.16 million, compared to the $109.82 million that exchanged hands in the previous session. Nigeria’s external reserves stood at $37.09 billion as of 26th January 2023, representing a decline of 0.07% from the $37.12 billion recorded as of 25th January 2023, a consistent decline for the past 7 days. 

Trading at the official NAFEX window

The exchange rate at the official market closed at N461.25/$1 on Thursday, 26th January 2023, a 0.10% appreciation from N461.7/$1 recorded on Wednesday, 25th January 2023. 

  • The opening indicative rate closed at N461.3/$1 on Thursday, 26th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.25/1, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $45.16 million in FX value was transacted at the I&E window on Thursday, which is 58.88% lower than the $109.82 million that was traded in the previous session. 

Black market exchange rate depreciates slightly to N751/$1 on 26th January 2023

The exchange rate between the naira and the US dollar depreciated slightly by 0.13% on Thursday, 26th January 2023 to trade at an average of N751/$1 compared to N750/$1 recorded in the previous trading session. 

This is according to information from FX black market traders who spoke to Nairametrics.  

In the same vein, the exchange rate at the cryptocurrency P2P exchange depreciated on Thursday morning to trade at a minimum of N750.09/$1, a 0.17% depreciation compared to N748.79/$1 recorded as of the same time in the previous trading session. 

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.7/$1 on Wednesday, 25th January 2023, representing a 0.06% improvement compared to N462/$1 recorded in the previous trading session. 

Forex turnover however decreased marginally by 1.98% on Wednesday to $109.82 million, compared to the $112.04 million that exchanged hands in the previous session. Nigeria’s external reserves stood at $37.12 billion as of 24th January 2023, representing a decline of 0.07% from the $37.15 billion recorded as of 24th January 2023. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.7/$1 on Wednesday, 25th January 2023, a 0.06^appreciation from N462/$1 recorded on Tuesday, 24th January 2023. 

  • The opening indicative rate closed at N461.7/$1 on Wednesday, 25th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.7/1, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $109.82 million in FX value was transacted at the I&E window on Wednesday, which is 1.98% lower than the $112.04 million that was traded in the previous session. 

Naira appreciates to N750/$1 at the black market on 25th January 2023

Naira improved against the US dollar at the black market on Wednesday morning, 25th January 2023, to trade at an average of N750/$1, representing a 0.40% appreciation in contrast to an average of N753/$1 recorded on Tuesday morning. 

This is according to information from FX black market traders who spoke to Nairametrics.  

On the flip side, the exchange rate at the cryptocurrency P2P exchange depreciated on Wednesday morning to trade at a minimum of N748.79/$1, a 0.24% depreciation compared to N747/$1 recorded as of the same time in the previous trading session. 

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N462/$1 on Tuesday, 24th January 2023, representing a slight drop of 0.08% from N461.63/$1 recorded in the previous trading session. 

Forex turnover however decreased by 15.61% on Tuesday to $112.04 million, compared to the $132.77 million that exchanged hands in the previous session. Nigeria’s external reserves stood at $37.15 billion as of 23rd January 2023, representing a decline of 0.12% from the $37.19 billion recorded as of 20th January 2023. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N462/$1 on Tuesday, 24th January 2023. 

  • The opening indicative rate closed at N461.2/$1 on Tuesday, 24th January 2023. 
  • Furthermore, an exchange rate of N463/$1 was the highest rate recorded during intra-day trading before it settled at N462/1, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $112.04 million in FX value was transacted at the I&E window on Tuesday, which is 15.61% lower than the $132.77 million that was traded in the previous session. 

 


Naira depreciates to N753/$1 at the black market on 24th January 2023

Naira weakened against the US dollar at the black market on Tuesday morning, 24th January 2023, having depreciated by 1.07% to trade at an average of N753/$1 compared to an average of N745/$1 recorded on Monday. 

This is according to information from FX black market traders who spoke to Nairametrics.  

Also, the exchange rate at the cryptocurrency P2P exchange depreciated on Tuesday morning to trade at a minimum of N747/$1, a 0.27% downtrend compared to N745/$1 recorded as of the same time on Monday. 

In the same vein, the exchange rate at the investors and exporters (I&E) window closed at N461.63/$1 on Monday, 23rd January 2023, representing a 0.03% dip from N461.5/$1 recorded in the previous trading session. 

Forex turnover however rallied by 37.14% on Monday to $132.77 million, in contrast to the $96.81 million that exchanged hands in the previous session. Nigeria’s external reserves stood at $37.19 billion as of 20th January 2023, representing a decrease of 0.03% from the $37.20 billion recorded as of 19th January 2023. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.63/$1 on Monday, 23rd January 2023. 

  • The opening indicative rate closed at N460.75/$1 on the day under review. 
  • Furthermore, an exchange rate of N463/$1 was the highest rate recorded during intra-day trading before it settled at N461.63/1, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $132.77 million in FX value was transacted at the I&E window on Monday, which is 37.14% higher than the $96.81 million that was traded in the previous session. 

 


Naira appreciates to N745/$1 at the black market on 23rd January 2023

The exchange rate between the naira and the US dollar at the black market appreciated further by 0.13% on Monday morning, 23rd January 2023, trading at an average of N745/$1 compared to N746/$1 recorded last week Friday. 

This is according to information from FX black market traders who spoke to Nairametrics.  

On the other hand, the exchange rate at the cryptocurrency P2P exchange depreciated on Monday morning to trade at a minimum of N745/$1, a 0.15% downturn compared to N743.9$1 recorded as of the same time last week Friday.. 

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.5/$1 on Friday, 20th January 2023, the same as recorded in the previous trading session. 

Forex turnover dipped by 55.6% on Friday to $96.81 million, compared to the $217.86 million that was transacted in the previous session. Nigeria’s external reserves stood at $37.201 billion as of 19th January 2023, representing a decrease of 0.01% from the $37.205 billion recorded on of 18th January 2023. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.5/$1 on Friday, 20th January 2023. 

  • The opening indicative rate closed at N461/$1 on Friday, 20th January 2023, representing a slight uptick compared to N461.1/$1 recorded in the previous session. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/1, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $96.81 million in FX value exchanged hands at the I&E window on Friday, which is 55.6% lower than the $217.86 million that was traded in the previous session. 

Black market exchange rate moderates to N746/$1 on 20th January 2023

The exchange rate between the naira and the US dollar at the black market appreciated slightly by 0.27% on Friday, 20th January 2023, trading at an average of N746/$1 compared to N748/$1 recorded on the previous day. 

This is according to information from FX black market traders who spoke to Nairametrics.  

In the same vein, the exchange rate at the cryptocurrency P2P exchange improved on Friday morning to trade at a minimum of N743.9/$1, a 0.35% appreciation compared to N746.48/$1 recorded as of the same time on Thursday. 

On the other hand, the exchange rate at the investors and exporters (I&E) window closed at N461.5/$1 on Thursday, 19th January 2023, recording a slight depreciation compared to N461.25/$1 that it closed at the end of the previous trading session. 

Forex turnover increased by 292.3% on Thursday to $217.86 million, its highest daily volume since 21st December 2022. Meanwhile, Nigeria’s external reserves stood at $37.205 billion as of 18th January 2023, representing a decrease of 0.01% from the $37.208 billion recorded on 17th January 2023. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.5/$1 on Thursday, 19th January 2023, a 0.05% depreciation from N461.25/$1 recorded in the previous trading session. 

  • The opening indicative rate closed at N461.1/$1 on Thursday, 19th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/1, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $217.86 million in FX value exchanged hands at the I&E window on Thursday, which is 292.3%
  • higher than the $55.54 million that was traded in the previous session. 

Black market exchange rate depreciates to N748/$1 on 19th January 2023

The exchange rate between the naira and the US dollar at the black market depreciated by 0.27% to trade an average of N748/$1 on Thursday 19th January 2023, compared to N746/$1 recorded on the previous day. 

This is according to information from FX black market traders who spoke to Nairametrics.  

On the other hand, the exchange rate at the cryptocurrency P2P exchange improved marginally on Thursday morning to trade at a minimum of N746.48/$1, an 0.02% appreciation compared to N746.6/$1 recorded as of the same time on Wednesday. 

Similarly, the exchange rate at the investors and exporters (I&E) window closed at N461.25/$1 on Wednesday, 18th January 2023, recording a slight improvement compared to N461.5/$1 that it closed at the end of the previous trading session. 

A sum of $55.54 million exchanged hands on Wednesday, which is marginally higher than the $55.52 million that was traded on Tuesday, 17th January 2023. Meanwhile, Nigeria’s external reserves stood at $37.208 billion as of 17th January 2023, representing a decrease of 0.006% from the $37.210 billion recorded on 16th January 2023. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.25/$1 on Wednesday, 18th January 2023, an 0.05% appreciation from N461.5/$1 recorded in the previous trading session. 

  • The opening indicative rate closed at N461/$1 on Wednesday, 18th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.25/1, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $55.54 million in FX value exchanged hands at the I&E window on Wednesday, which is 0.04% higher than the $55.52 million that was traded in the previous session. 

Naira strengthens to N746/$1 at the black market on 18th January 2023

The exchange rate between the naira and the US dollar on the black market appreciated on Wednesday 18th January 2023, trading at an average of N746/$1. This represents a marginal improvement of 0.13% compared to N747/$1 recorded in the trading session. 

This is according to information from black market traders who spoke to Nairametrics.  

Likewise, the exchange rate at the cryptocurrency P2P exchange appreciated marginally by 0.15% 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, 16th January 2023, 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% compared to $198.6 million that was traded on Monday, 16th January 2023. 

Nigeria’s external reserves, however, stood at $37.21 billion as of 16th January 2023, representing an increase of 0.013% from the $37.206 billion recorded on 13th December 2022. 

Trading at the official NAFEX window

The exchange rate at the official market closed at N461.5/$1 on Tuesday, 17th January 2023, the same as the rate recorded in the previous trading session. 

  • The opening indicative rate closed at N460.9/$1 on Tuesday, 17th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/1, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $55.52 million in FX value exchanged hands at the I&E window on Tuesday, which is 72.04% lower than the $198.6 million that was traded in the previous session. 

Naira falls to N747/$1 at the black market on 17th January 2023

The exchange rate between the naira and the US dollar at the black market depreciated on Tuesday 17th January 2023, trading at an average of N747/$1. This represents a 1.63% fall compared to N735/$1 maintained in the last three trading sessions.

This is according to information from black market traders who spoke to Nairametrics. The downturn in the black market was attributed to increased demand for FX as a result of the coming Chinese New Year holiday.

China, which is set to go on holiday between the 21st and 27th of January will close trading activities during the period, hence prompting Nigerian traders to preorder goods ahead of the holiday.

Similarly, the exchange rate at the cryptocurrency P2P exchange depreciated by 0.50% on Tuesday morning to trade at a minimum of N747.7/$1, compared to N743.95/$1 recorded as of the same time on Monday.

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.5/$1 on Monday, 16th January 2023, a 0.09% improvement from N461.9/$1 recorded in the previous trading session.

Forex turnover surged by 175.2% on Monday as a sum of $198.6 million exchanged hands in contrast to $72.18 million that was traded on Friday, 13th January 2023.

Nigeria’s external reserves however, stood at $37.206 billion as of 13th January 2023, representing a marginal decrease of 0.002% from the $37.206 billion recorded as 12th December 2022, a reversal from the seventh consecutive increase it had recorded.

Trading at the official NAFEX window

The exchange rate at the official market closed at N461.5/$1 on Monday, 16th January 2023, compared to N461.9/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N461/$1 on Monday, 16th January 2023.
  • Furthermore, an exchange rate of N465.5/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/1, while it traded for as low as N440/$1 during intra-day trading.
  • A sum of $198.6 million in FX value exchanged hands at the I&E window on Monday, which is 175.15% higher than the $72.18 million that was traded in the previous session.


Naira maintains rate against USD at N735/$1 on 16th January 2023

The exchange rate between the naira and the US dollar at the black market remained flat on Monday 16th January 2023, trading at an average of N735/$1. The same was recorded in the last three trading sessions.

This is according to information from black market traders who spoke to Nairametrics.

Also, the exchange rate at the cryptocurrency P2P exchange appreciated by 0.43% on Monday morning to trade at a minimum of N743.95/$1, compared to N747.18/$1 recorded as of the same time last week Friday.

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.9/$1 on Friday, 13th January 2023, a 0.16% depreciation from N461.17/$1 recorded in the previous trading session.

Trading activities at the official market declined further by 18.85% on Friday 13th January 2023. Specifically, a total of $72.18 million was traded on Friday, against the $88.95 million that exchanged hands in the previous day.

Nigeria’s external reserves however, stood at $37.205 billion as of 12th January 2023, representing a marginal increase from the $37.205 billion recorded as of 11th December 2022, indicating a seventh straight increase in the nation’s reserve level.

Trading at the official NAFEX window

The exchange rate at the official market closed at N461.9/$1 on Friday, 13th January 2023, from N461.17/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N461.2/$1 on Friday, 13th January 2023.
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.9/1, while it traded for as low as N440/$1 during intra-day trading.
  • A sum of $72.18 million in FX value exchanged hands at the I&E window on Friday, which is 18.85% lower than the $88.95 million that was traded in the previous session.

 


Naira trades flat at N735/$1 at the black market on 13th January 2023

The exchange rate between the naira and the US dollar at the black market remained flat on Friday, 13th January 2023, trading at an average of N735/$1. The same as recorded in the previous trading session. 

This is according to information from black market traders who spoke to Nairametrics.  

On the other hand, the exchange rate at the cryptocurrency P2P exchange depreciated by 0.02% on Friday morning to trade at a minimum of N747.18/$1, compared to N747/$1 recorded as of the same time on Thursday. 

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.17/$1 on Thursday, 12th January 2023, a 0.16% appreciation from N461.9/$1 recorded in the previous trading session. 

Trading activities at the official market declined by 41.19%  on Thursday 12th January 2023. Specifically, a total of $88.95 million was traded on Thursday, against the $151.26 million that exchanged hands in the previous day. 

Nigeria’s external reserves however, stood at $37.21 billion as of 11th January 2023, representing a 0.01% increase from the $37.2 billion recorded as 10th December 2022, indicating a sixth successive increase in the nation’s reserve level. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.17/$1 on Thursday, 12th January 2023, from N461.9/$1 recorded in the previous trading session. 

  • The opening indicative rate closed at N461/$1 on Thursday, 12th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.17/1, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $88.95 million in FX value exchanged hands at the I&E window on Thursday, which is 41.19% lower than the $151.26 million that was traded in the previous session. 

Black market exchange rate appreciates further to N735/$1 on 12th January 2023 

The exchange rate between the naira and the US dollar at the black market appreciated on Thursday, 12th January 2023 to trade at an average of N735/$1. Representing an uptrend of 0.41% compared to N738/$1 recorded on Wednesday. 

This is according to information from black market traders who spoke to Nairametrics.  

Also, the exchange rate at the cryptocurrency P2P exchange appreciated by 0.11% on Thursday morning to trade at a minimum of N747/$1 from N747.85/$1 recorded as of the same time on Wednesday. 

On the other hand, the exchange rate at the investors and exporters (I&E) window closed at N461.9/$1 on Wednesday, 11th January 2023, compared to N461.5/$1 recorded in the previous trading session. 

The official exchange rate depreciated by 0.1% despite a 28.5% increase in trading activities at the exchange. Notably, a total of $151.26 million was traded on Wednesday, against the $117.63 million that exchanged hands in the previous day. 

Nigeria’s external reserves however, stood at $37.2 billion as of 10th January 2023, representing a 0.02% increase from the $37.19 billion recorded as 9th December 2022, indicating a fifth successive increase in the nation’s reserve level. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.9/$1 on Wednesday, 11th January 2023, from N461.5/$1 recorded in the previous trading session. 

  • The opening indicative rate closed at N460.25/$1 on Wednesday, 11th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.9/1, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $151.26 million in FX value exchanged hands at the I&E window on Wednesday, which is 28.59% higher than the $117.63 million that was traded in the previous session. 

The black market exchange rate appreciates to N738/$1 on 11th January 2023 

The exchange rate between the naira and the US dollar at the black market appreciated on Wednesday, 11th January 2023 to trade at an average of N745/$1. This represents an uptrend of 0.94% compared to N745/$1 recorded on Tuesday. 

This is according to information from black market traders who spoke to Nairametrics.  

Also, the exchange rate at the investors and exporters (I&E) window recorded a marginal growth on Tuesday, 10th January 2023 to close at N461.5/$1 from N461.67/$1 recorded in the previous trading session. 

The movement in the official exchange rate follows a 149.6% surge in forex turnover on Tuesday. A total of $117.63 million in FX value was traded at the window, compared to $47.13 million that exchanged hands on Monday. 

On the other hand, the exchange rate at the cryptocurrency P2P exchange depreciated by 0.3% on Wednesday morning to trade at a minimum of N747.85/$1 from N745.75/$1 recorded as of the same time on Tuesday. 

Nigeria’s external reserves however, stood at $37.2 billion as of 9th January 2023, representing a 0.09% increase from the $37.16 billion recorded as 6th December 2022, indicating a fourth successive increase in the nation’s reserve level. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.5/$1 on Tuesday, 10th January 2023, from N461.67/$1 recorded in the previous trading session. 

  • The opening indicative rate closed at N460.25/$1 on Tuesday, 10th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/1, while it traded for as low as N440/$1 during intra-day trading.
  • A sum of $117.63 million in FX value exchanged hands at the I&E window on Tuesday, which is 149.59% higher than the $47.13 million that was traded in the previous session. 

Naira trades flat at N745/$1 at black market on 10th January 2023

The exchange rate between the naira and the US dollar at the black market remained flat at N745/$1 on Tuesday morning, 10th January 2023. This is the same rate recorded in the previous trading day. 

This is according to information from black market traders who spoke to Nairametrics. The exchange rate had depreciated by 1.92% yesterday from N731/$1. 

Likewise, the exchange rate at the investors and exporters (I&E) window closed flat at N461.67/$1 on Monday, 9th January 2023. Meanwhile, forex turnover fell by 40.38% to $47.13 million compared to $79.05 million that exchanged hands in the previous trading session. 

On the other hand, the exchange rate at the cryptocurrency P2P exchange depreciated by 0.02% on Tuesday morning to trade at a minimum of N745.6/$1 from N745.6/$1 recorded as of the same time on Monday. 

Nigeria’s external reserves however, stood at $37.16 billion as of 6th January 2023, representing a 0.03% increase from the $37.11 billion recorded as 4th December 2022, indicating a third successive increase in the nation’s reserve level. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.67/$1 on Monday, 9th January 2023, the same rate as recorded on Friday last week. 

  • The opening indicative rate closed at N459.33/$1 on Monday, 9th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.67/1, while it traded for as low as N426/$1 during intra-day trading. 
  • A sum of $47.13 million in FX value exchanged hands at the I&E window on Monday, which is 40.38% lower than the $79.05 million that was traded in the previous session. 

Naira falls sharply to N745/$1 at black market on 9th January 2023

The exchange rate between the naira and the US dollar depreciated on Monday, 9th January 2023, to trade at an average of N745/$1 on the black market, following two weeks of stability. 

This is according to information from black market traders who spoke to Nairametrics. Compared to the N731/$1 recorded last week Friday, naira depreciated by 1.92%. 

According to FX traders, the downturn was expected at the beginning of the year, due to increased demands for foreign exchange in the country. The high demand according to the trader is because of Nigerians who want to pay for school fees abroad, purchase assets, and send funds to children abroad amongst others. 

Also, the exchange rate at the cryptocurrency P2P exchange depreciated by 0.35% on Monday morning to trade at a minimum of N745.6/$1. 

Meanwhile, the exchange rate at the investors and exporters (I&E) window weakened slightly to N461.67/$1 on Friday, 6th January 2023, a 0.04% depreciation from the N461.5/$1 recorded on Thursday, 5th January 2023. 

A total of $79.05 million was traded at the official market on Friday, a marginal increase compared to $68.14 million that exchanged hands the previous day. Nigeria’s external reserves, however, stood at $37.15 billion as of 5th January 2023, representing a 0.12% increase from the $37.11 billion recorded as 4th December 2022. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.67/$1 on Friday, 6th January 2023, representing a 0.04% depreciation from N461.5/$1 recorded on Thursday. 

  • The opening indicative rate closed at N459.5/$1 on Friday, 6th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.6751, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $79.05 million in FX value exchanged hands at the I&E window on Friday, which is 16.01% higher than the $68.14 million that was traded in the previous session. 

Naira depreciates marginally at the black market, and trades at N731/$1 on 6th January 2023

Naira depreciated against the US dollar at the black market, on Friday, 6th January 2023, trading at an average of N731/$1, a 0.14% depreciation compared to N730/$1 recorded in the previous trading day.  

This is according to information from black market traders who spoke to Nairametrics. 

On the other hand, the exchange rate at the P2P cryptocurrency Exchange improved on Friday morning, trading at a minimum of N743/$1, a 0.11% uptrend compared to N743.79/$1 recorded in the previous day session. 

Meanwhile, the exchange rate at the official investors and exporters (I&E) window improved slightly to  N461.50/$1 on Thursday, 5th January 2023, from the N461.67/$1 recorded on Wednesday, 4th January 2023. 

A total of $68.14 million was traded at the official market on Thursday, a slight decline compared to $69.33 million that exchanged hands the previous day. Nigeria’s external reserve in the same vein, stood at $37.07 billion as of 3rd January 2023, a 0.04% reduction from the $37.08 billion recorded as 30th December 2022. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.5/$1 on Thursday, 5th January 2023, representing a 0.04% appreciation from N461.67/$1 recorded on Wednesday. 

  • The opening indicative rate closed at N459.6/$1 on Thursday, 5th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/$1, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $68.14 million in FX value exchanged hands at the I&E window on Thursday, which is 1.72% lower than the $69.33 million that was traded in the previous session. 

Naira improves at the black market to N730/$1 on 5th January 2023 

The exchange rate between the naira and the US dollar appreciated on Thursday, 5th January 2023 trading at an average of N730/$1 at the black market, an improvement of 0.82% from N736/$1 that was recorded in the last three trading days.  

This is according to information from black market traders who spoke to Nairametrics. 

Similarly, the exchange rate at the P2P cryptocurrency Exchange strengthened on Thursday morning, trading at a minimum of N743.79/$1, a 0.69% 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, 4th January 2022, a 0.15% 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% 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% from the $36.08 billion recorded on 30th December 2022. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.67/$1 on Wednesday, 4th January 2023, representing a 0.15% depreciation from N461/$1 recorded on Tuesday. 

  • The opening indicative rate closed at N456.17/$1 on Wednesday, 4th January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.67/$1, while it traded for as low as N425/$1 during intra-day trading. 
  • A sum of $69.33 million in FX value exchanged hands at the I&E window on Wednesday, which is 54.82% lower than the $153.45 million that was traded in the previous session. 

Black market exchange rate trades at N736/$1 on 3rd January 2023

The exchange rate between the naira and the US dollar remained flat on Wednesday, 4th January 2023 trading at an average of N736/$1 at the black market for the third straight day.  

This is according to information from black market traders who spoke to Nairametrics. 

On the other hand, the exchange rate at the P2P cryptocurrency Exchange depreciated on Wednesday morning, trading at a minimum of N748.95/$1, a 0.96% depreciation compared to N741.79/$1 recorded yesterday. 

Meanwhile, the exchange rate at the official investors and exporters (I&E) window started the year on a positive note with a 0.11% gain to close at N461/$1 from N461.5/$1 recorded as of the last session of 2021. 

A total of $153.45 million was traded at the exchange on Tuesday, a decrease of 12.93% compared to the $176.24 million that exchanged hands the previous day. Nigeria’s external reserve stood at $37.08 billion as of 30th December 2022, a decrease of 0.02% from the $36.09 billion recorded as of the previous day. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461/$1 on Tuesday, 3rd January 2023, representing a 0.11% appreciation from N461.5/$1 recorded last week Friday. 

  • The opening indicative rate closed at N459.25/$1 on Tuesday, 3rd January 2023. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461/$1, while it traded for as low as N440/$1 during intra-day trading. 
  • A sum of $153.45 million in FX value exchanged hands at the I&E window on Tuesday, which is 12.93% lower than the $176.24 million that was traded in the previous session. 

Black exchange rate remains stable at N736/$1 on 3rd January 2023

The exchange rate between the naira and the US dollar remained flat on Tuesday, 3rd January 2023 trading at an average of N736/$1 at the black market, the same as recorded as of the close of trading activities last week Friday. 

This is according to information from black market traders who spoke to Nairametrics. 

On the flip side, the exchange rate at the P2P cryptocurrency Exchange depreciated on Tuesday morning, trading at a minimum of N741.79/$1, a 0.87% depreciation compared to N735.42/$1 recorded on Friday, last week 

Meanwhile, the exchange rate at the official investors and exporters (I&E) window appreciated slightly on Friday, 30th December 2022 to close at N461.5/$1, although it represents 5.7% downturn from 2022 year. 

A total of $176.24 million was traded at the exchange on Friday, an increase of 23.95% compared to the $142.19 million that exchanged hands the previous day. Nigeria’s external reserve stood at $37.09 billion as of 29th December 2022, an increase of 0.04% from the $36.08 billion recorded as of the previous day. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N461.5/$1 on Friday, 30th December 2022, representing a 0.04% appreciation from N461.67/$1 recorded on Thursday. 

  • The opening indicative rate closed at N451.5/$1 on Friday, 30th December 2022. 
  • Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/$1, while it traded for as low as N425/$1 during intra-day trading.
  • A sum of $176.24 million in FX value exchanged hands at the I&E window on Friday, which is 23.95% higher than the $142.19 million that was traded in the previous session. 

See 2022 exchange rates

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