Naira Depreciates In Black Market Trading On February 8 As Tinubu Lauds Court Ruling

The Naira depreciated against the US dollar in black market trading otherwise referred to as the parallel market on Wednesday, February 8, 2023.

GWG.ng reports that the naira traded at 751 to the dollar down from the 745 to the dollar it traded on Tuesday, February 7, 2023.

The depreciation of the naira at the black market on Wednesday, February 8, 2023, represented a 0.67% drop compared to the previous day trading.

Meanwhile, on the other side, the exchange rate at the investors and exporters (I&E) window appreciated by 0.14% to close at N461.5/$1 on Tuesday, from N462.17/$1 recorded on Monday, 6th February 2023 according to a report by Nairametrics.

However, Forex turnover at the official market reduced by 39.08% on Tuesday to $74.58 million, from $122.43 million that exchanged hands on Monday. Nigeria’s external reserves level decreased by 0.09% on Friday, 3rd February 2023 to stand at $36.988 billion from $37.02 billion recorded in the previous day.

Meanwhile, APC presidential candidate has lauded the Supreme Court ruling compelling the Central Bank to remove the deadline on the use of the old currency note. He said that the Supreme Court ruling had saved the nation from what he said could have been a catastrophe.

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