Naira Falls Massively At Aboki Black Market First Week Of January 2023

Naira has fallen massively at Aboki Black Market first week of January 2023.

 

NewsOnline reports that Nigeria’s official tender, the naira depreciated against the US dollar at the black market, on Friday, 6th January 2023, trading at an average of N731/$1, a 0.14% depreciation compared to N730/$1 recorded in the previous trading day.  

 

This is according to information from black market traders who spoke to NewsOnline Nigeria in the Ikeja and Ogba areas of Lagos State on Friday morning, 6th January 2023.

 

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On the other hand, NewsOnline reports that the exchange rate at the P2P cryptocurrency Exchange improved on Friday morning, trading at a minimum of N743/$1, a 0.11% uptrend compared to N743.79/$1 recorded in the previous day’s session. 

 

Meanwhile, the exchange rate at the official investors and exporters (I&E) window improved slightly to  N461.50/$1 on Thursday, 5th January 2023, from the N461.67/$1 recorded on Wednesday, 4th January 2023. 

 

A total of $68.14 million was traded at the official market on Thursday, a slight decline compared to the $69.33 million that exchanged hands the previous day. Nigeria’s external reserve in the same vein stood at $37.07 billion as of 3rd January 2023, a 0.04% reduction from the $37.08 billion recorded as 30th December 2022. 

 

Trading at the official NAFEX window

The exchange rate at the official market closed at N461.5/$1 on Thursday, 5th January 2023, representing a 0.04% appreciation from N461.67/$1 recorded on Wednesday. 

• The opening indicative rate closed at N459.6/$1 on Thursday, 5th January 2023.
• Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.5/$1, while it traded for as low as N440/$1 during intra-day trading.

• A sum of $68.14 million in FX value exchanged hands at the I&E window on Thursday, which is 1.72% lower than the $69.33 million that was traded in the previous session.