Naira falls Drastically against Dollar at the black market on 20th February 2023 see details below.
Naira depreciated massively against the US dollar on Monday, 20th February 2023 to trade at an average of N775/$1, representing a 2.51% depreciation compared to N756/$1 recorded in the previous week.
This is according to information from black market FX operators.
On the other hand, the exchange rate between the naira and the US dollar at the cryptocurrency P2P exchange market appreciated by 0.49% trading at an average of N752.9/$1 on Monday morning, 20th February 2023, from N756.6/$1 recorded last week Friday.
Similarly, the exchange rate between the naira and the US dollar strengthened by 0.16% at the investors and exporters (I&E) window to close at N461.25/$1 on Friday, 17th February 2023 compared to N462/$1 recorded on Thursday.
A total of $81.78 million in FX value was transacted at the official exchange on Friday, representing a 17.30% increase against the $69.72 million that exchanged hands in the previous day. The nation’s external reserves likewise, declined further for the fourth consecutive day to $36.78 billion on Thursday from $36.79 billion.
Trading at the official NAFEX window
The exchange rate at the official market closed at N461.25/$1 on Friday, 17th February 2023, a 0.16% appreciation from N462/$1 recorded on Thursday, 16th February 2023.
- The opening indicative rate closed at N461.5/$1 on Friday, 17th February 2023.
- Furthermore, an exchange rate of N462.09/$1 was the highest rate recorded during intra-day trading before it settled at N461.25/1, while it traded for as low as N446/$1 during intra-day trading.
- A sum of $81.78 million in FX value was traded at the I&E window on Friday which is 17.30% higher than the $69.72 million that exchanged hands in the previous session.
