Naira Black Market Exchange Rate For February 16, 2023

The exchange rate between the naira and the US dollar remained stable on Thursday, February 16, 2023 at the black market, trading at an average of N755/$1, the same rate as recorded previous trading session.

This is according to information from black market FX operators who spoke to Nairametrics. Specifically, the traders noted that the buy FX from customers at an average of N745/$1 and sell for N755/$1. However, they also added that in some cases the rate could vary depending on the form of transaction, cash or transfer.

Meanwhile, naira appreciated marginally against the US dollar at the investors and exporters (I&E) window to close at N461.5/$1 on Wednesday, 15th February 2023 from N461.67/$1 recorded on Tuesday.

On the other hand, the exchange rate at the cryptocurrency P2P exchange market depreciated marginally by 0.09% to N755.9/$1 on Thursday morning, February 16 2023, from 755.18 naira/$1 recorded in the previous trading session.

A total of $89.54 million in FX value was traded at the official exchange on Wednesday, representing a 30.05% increase when compared to the $68.85 million that exchanged hands in the previous day. The nation’s foreign reserves on the other hand, declined further to $36.81 billion on Tuesday from $36.82 billion.

Source: Nairametrics

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