January 20, 2023: Naira Makes Little Gain Against Dollar In Black Market

The naira rose marginally against the US dollar in the black market on Friday, January 20, 2023 rising by 0.27% as it traded at an average of N746/$1 compared to N748/$1 recorded on Thursday, January, 19, 2023.

This was according to reports computed from black market traders on January 20, 2023, the last day of trading on the official trading. The black market for the dollar which is not bound by official laws and time, however, could lapse into the weekend with rates changing during the weekend.

On the other hand, the exchange rate at the investors and exporters (I&E) window closed at N461.5/$1 on Thursday, 19th January 2023, recording a slight depreciation compared to N461.25/$1 that it closed at the end of the previous trading session.

GWG.ng reports that the marginal appreciation of the naira to the dollar against the US dollar on Friday, January 20, 2023 follows market anxiety ahead of next week’s Monetary Policy Committee, MPC meeting of the Central Bank where policy matters that could affect rates both on the ofifical and black markets may be taken.

Meanwhile, The Central Bank of Nigeria  (CBN) on Thursday  sensitised  members of  Phone and Allied Products Dealers Association of Nigeria (PAPDAN) and other trade unions at the Computer Village, Ikeja, on Naira notes redesign and withdrawal limits.

The Director of  Legal  Department of CBN, Mr Kofo Salam-Alade,  said that the  aim  was to adequately educate  the traders on the developments.

He said that  the redesign became necessary because many  Naira notes in circulation were not in CBN or commercial  banks.

He said that such practice  was  not healthy  for Nigeria’s economy.

Salam-Alade  encouraged  Nigerians to return old N1000, N500 and N200 notes early to avoid  last-minute rush.

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