Naira Depreciates At Black Market January 9, 2023

The naira depreciated in value in trading with the US dollar on Monday, January 9 2023 as it exchanged at an average of N745/$1 on the black market. That followed the stability it had acquired just before Christmas since when it had exchanged for N731 to the dollar.

Currency traders disclosed that the seeming depreciation was on account of increased demand that is said to be seasonal. The currency traders traced the increased demand to pressure from parents seeking to pay school fees for their children abroad and those also desiring to send money including pocket money to students abroad after the holidays.

It also emerged that 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, just as the black market on January 9, 2023, the exchange rate for the naira and dollar at the investors and exporters (I&E) window depreciated 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.

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