Naira, Trades For 735 Dollars At Black Market On January 12

The black market exchange rate between the naira and the US dollar appreciated for the Nigerian currency on Thursday, January 12, 2023 as it traded at an average of N735/$1. That was an appreciation of 0.41% compared to the 738 naira the Nigerian currency exchanged for the dollar the day before.  

The rates were gathered by the Nigerian business inclined news website, Nairametrics from trading by black market traders on January 12, 2023 the website reported.   

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.

While the black market rate for the naira and dollar was 735 naira for January 12, 2023, the day before, that is Wednesday, 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.

GWG.ng reports that the return of the CBN governor, Mr Godwin Emefiele may also bring some stability to the value of the naira.

With additional reports from Nairametrics

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