NewsOnline reports that the naira on Friday exchanged at 450.58 to the dollar at the Investors and Exporters window.
The figure represents a depreciation of 0.94 percent, compared with N446.38 it exchanged to the dollar the previous trading session.
An exchange rate of N452 to the dollar was the highest rate recorded within the day’s trading before it settled at N450.58.
The naira sold for as low as N426 to the dollar within the day’s trading.
NewsOnline reports that the exchange rate P2P cryptocurrency exchange depreciated by 0.14% to trade at a minimum of N749.96/$1 on Thursday morning, from N748.9/$1 recorded during the previous trading session.
NewsOnline reports that the Dollar to Naira parallel market exchange rate today, Friday 16 December 2022 is between ₦740 and ₦745 with an average of ₦765.00 in Nigeria, according to black market movers who spoke to NewsOnline Nigeria. in Lagos and Abuja.
In the last 7 days, between 09/12/2022 and 16/12/2022, we see that the Dollar to Naira black market rate had values between ₦730 and ₦770 with an average ₦740.79. When we compare last week’s numbers with today’s (13/12/2022) rate, the average Dollar to Naira rate saw a 10.79 points decrease from ₦750.79 to ₦745.00 which equals a 1.46% fall.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 745 |
| Selling Rate | 750 |
The local currency opened at N745.00 per $1 at the parallel market otherwise known as the black market today Friday, December 16, 2022.
Even though the dollar to naira opened in the parallel market at ₦745 per $1 today, NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
NewsOnline reports that on the black market, the players buy a dollar for N745 and sell for N750 on Friday morning, 16 December 2022, after they bought N750 and sold for N745 on Thursday, December 15, 2022.
Meanwhile, Forex turnover increased by 96.7% to $141.92 million on Wednesday, as against $72.15 million that was traded in the previous session. Nigeria’s external reserve remain at $39.96 billion as of 9th December 2022.
The exchange rate at the official market closed at N450.58/$1 on Friday, 16th December 2022, representing a decline of 0.94% compared to N446.38/$1 recorded in the previous trading session.
• The opening indicative rate closed at N447.92/$1 on Thursday, 15th December 2022.
• Furthermore, an exchange rate of N452/$1 was the highest rate recorded drateuring intra-day trading before it settled at N450.58/$1, while it traded for as low as N426/$1 during intra-day trading.
• A sum of $141.92 million in FX value was traded at the Investors and Exporters window, an improvement of 96.7% compared to $72.15 million that exchanged hands in the previous session.
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