Naira Takes Beating In Black Market Trading On January 30, 2023

The exchange rate of the naira to the dollar fell by 0.94% on Monday, January 30, 2023 swinging back in value to N752 to the dollar down from the N745 it exchanged for the greenback on Friday in the black market.

There were no immediate reasons for the exchange but market watchers believe that the breather given by the apex bank for the exchange of the new naira notes in Nigeria may have partly contributed.                                        

Meanwhile, Nairametrics has reported that the exchange rate at the cryptocurrency P2P exchange depreciated on Monday morning to trade at a minimum of N752.4/$1, a 0.83% downturn compared to N746.2/$1 recorded as of the same time last week Friday, 27th January 2023.

In the same vein, the exchange rate at the investors and exporters (I&E) window closed at N461.75/$1 on Friday, 27th January 2023, representing a 0.11% depreciation compared to N461.25/$1 recorded in the previous trading session.

Forex turnover however surged by 116.3% on Friday to $97.67 million, from $45.16 million that exchanged hands in the previous session. Nigeria’s external reserves stood at $37.07 billion as of 26th January 2023, representing a decline of 0.07% from the $37.09 billion recorded as of 25th January 2023, representing the eighth consecutive day of decline.

Besides the news that the naira was exchanging for N752 to the dollar on January 30, 2023, it was also reported that the exchange rate at the official market closed at N461.75/$1 on Friday, 27th January 2023, a 0.11% depreciation from N461.25/$1 recorded on Thursday, 26th January 2023.

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