Naira Gains Against US dollar in Black Market and P2P Exchange-See New Exchange Rate
On March 24th, 2023, the Nigerian naira appreciated against the US dollar in both the black market and the cryptocurrency P2P exchange market. According to report gathered by GoldenNewsNg, the black market exchange rate for the naira to the dollar was N749/$1, representing a 0.13% improvement from the previous day’s rate of N750/$1. The P2P exchange market also saw an appreciation of 0.13%, with the naira trading at an average of N743.99/$1 on March 23rd, compared to N744.95/$1 on March 22nd.
At the official and Exporters window, the naira appreciated by 0.11% against the US dollar, closing at N461.5/$1 on March 22nd, up from N462/$1 on March 21st. A total of $431.77 million was transacted at the official exchange on March 22nd, a significant increase of 588.96% from the previous day’s total of $62.67 million. As of March 21st, the nation’s external reserves were at $35.84 billion, down slightly from $35.87 billion on March 20th.
At the official NAFEX window, the exchange rate closed at N461.5/$1 on March 22nd, with an opening indicative rate of N461.56/$1. The highest rate recorded during intra-day trading was N544.5/$1, settling at N461.5/$1, while the lowest rate was N460/$1 during intra-day trading. A total of $431.77 million in FX value was traded at the I&E window on March 22nd, which is 5888.96% higher than the previous session’s total.
Black market exchange rate depreciates to N750/$1 on 22nd March 2023
On March 22nd, 2023, the exchange rate between the Nigerian naira and the US dollar weakened in the black market, trading at an average of N750/$1. This represents a 0.27% fall from the previous day’s rate of N748/$1. The cryptocurrency P2P exchange market also saw a marginal depreciation of 0.06%, with the naira trading at an average of N744.95/$1 on March 22nd, down from N744.5/$1 on March 21st.
At the official and Exporters window, the naira also depreciated against the US dollar, closing at N462/$1 on March 21st, representing a 0.11% downturn from N461.5/$1 on March 20th. However, forex turnover decreased by 50.13% to $62.67 million at the official exchange on March 21st, compared to the previous day’s total of $125.66 million.
As of March 20th, the nation’s external reserves were at $35.87 billion, down from $35.98 billion on March 17th.