Naira Bounces Back In Black Market Exchange On Tuesday, February 21, 2023

The Nigerian currency, the naira appreciated on Tuesday, February 21, 2023 as the exchange rate with the dollar rose from N775 to the dollar at which it traded in the black market the praevious day to N760 to the dollar.

The increase in the value of the exchange value of the naira in the black market came as the naira on the other slipped marginally in the official Investors and Exporters window on the previous day, Monday, February 20, 2023

GWG.ng reports that the naira has faced challenges in the black market with many users desiring to exchange the local currency with the dollar have faced challenges either getting the required cash, a problem that was unabating even as at February 21, 2023.

Meanwhile, the Naira on Monday exchanged at N461.50 to the dollar at the Investors and Exporters window.

The figure represented a decrease of 0.05 per cent compared with the N461.25 it exchanged after the close of business on Feb. 18.

The open indicative rate closed at N461.60 to the dollar on Monday.

An exchange rate of N462.06 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.50.

The Naira sold for as low as N440 to the dollar within the day’s trading.

A total of 40.28 million dollars was traded at the official Investors and Exporters window on Monday. (NAN)

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