Naira Loses Value To Dollar In January 19, 2023 Black Market Trading

The naira depreciated by 0.27% in the black market on Thursday, January 19, 2023 as it traded at N748 to the dollar down from the N746/$1 recorded on the previous day.

Meanwhile, it was a different tale in the official market ahead of the Central Bank of Nigeria Monetary Policy Committee, MPC meeting next week.

Similarly, the exchange rate at the investors and exporters (I&E) window closed at N461.25/$1 on Wednesday, 18th January 2023, recording a slight improvement compared to N461.5/$1 that it closed at the end of the previous trading session.

A sum of $55.54 million exchanged hands on Wednesday, which is marginally higher than the $55.52 million that was traded on Tuesday, 17th January 2023. Meanwhile, Nigeria’s external reserves stood at $37.208 billion as of 17th January 2023, representing a decrease of 0.006% from the $37.210 billion recorded on 16th January 2023.

The exchange rate at the official market closed at N461.25/$1 on Wednesday, 18th January 2023, an 0.05% appreciation from N461.5/$1 recorded in the previous trading session.

The opening indicative rate closed at N461/$1 on Wednesday, 18th January 2023.

Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.25/1, while it traded for as low as N440/$1 during intra-day trading.

A sum of $55.54 million in FX value exchanged hands at the I&E window on Wednesday, which is 0.04% higher than the $55.52 million that was traded in the previous session.

The slight depreciation in the black market value of the naira is coming as market watchers take position ahead of the coming meeting of the Central Bank of Nigeria Monetary Policy Committee, MPC meeting.

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