Naira traded against the US Dollar at an average of N740/$1 at the black market on Thursday, representing a depreciation of 0.68 per cent compared to N735/$1 recorded in the previous trading session.
The exchange rate between the naira and the US dollar has remained relatively steady at the black market, especially following the naira crunch in the Nigerian economy.
The exchange rate started the year at N736/$1.
On the other hand, the exchange rate between the naira and the Pound appreciated by 0.54 per cent to trade at an average of N925/£1 on Thursday in contrast to N930/£1 that was recorded in the previous day’s trading session.
Also, naira strengthened against the Euro by 0.62 per cent, trading at an average of N805/€1 on Thursday compared to N810/€1 recorded on Wednesday, 26th April 2023.
On the other hand, the FX rate at the cryptocurrency P2P Exchange market depreciated by 0.12 per cent to trade at a minimum of N744.40/$1 from N743.50/$1 recorded in the previous trading session. This is according to data culled from a P2P exchange platform.
Forex supply, however, decreased by 57.84 per cent to $101.77 million at the official exchange on Monday, from the $241.38 million that exchanged hands on Friday. The nation’s external reserves stood at $35.74 billion as of Friday, 24th March 2023 from $35.78 billion recorded on Thursday, 23rd March 2023.
Furthermore, an exchange rate of N462.42/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/$1, while it traded as low as N460/$1 during intra-day trading.
A sum of $101.77 million in FX value was traded at the I&E window on Monday, which is 57.84 per cent lower than the $241.38 million that exchanged hands in the previous session.