Naira Appreciates Against Dollar In Black Market, January 11, 2023

The naira appreciated marginally against the dollar at the black market on Wednesday January 11, 2023 exchanging for N738 to the US Dollar according to market operators.

The appreciation was a 1% increase on the 745 to the dollar the Nigerian currency exchanged for the dollar the preceding day, Tuesday, January 10, 2023.

GWG.ng reports that the marginal increase in the value of the naira may indicate a lessening of the pressure as holiday makers returned to their bases abroad and guardians round up foreign exchange for their wards schooling abroad.

The marginal increase in the value of the naira at the black market compared to the dollar on January 11, 2023 was paralleled with a similar marginal increase in the value of the national currency in the investors and exporters (I&E) window the day before.

The naira 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.

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