Volatility Continues As Naira Exchanges For 762 Dollar At Black Market On February 22

The black market exchange rate for the naira depreciated slightly by N2 on Wednesday, February 22, 2023 as it fell from N760 to the dollar to N762 reflecting a volatility in the market in the days leading to crucial General Election in Nigeria.

GWG.ng reports that the depreciation of the naira came after the currency exchanged in the Black Market for N760 to the dollar the previous day.

Before then the dollar had exchanged for N770 to N775 as the Black Market opened on Monday, February 20, 2023.

Meanwhile, the news that the dollar exchanged for 762 naira at the Black Market on Wednesday, February 22, 2023 followed the fact that the Naira exchanged at N461.33 to the dollar on Tuesday at the Investors and Exporters window.

The rate represented an increase of 0.04 per cent compared to the N461.50 to the dollar for which it exchanged on Monday.

The open indicative rate closed at N461.55 to the dollar on Tuesday.

An exchange rate of N462.41 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.33.

The naira sold for as low as N406.75 to the dollar within the day’s trading.

A total of 48.28 million dollars was traded at the official Investors and Exporters window on Tuesday.

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