The exchange rate at the official Investors and Exporters depreciated by 0.26% to close at N452.67/$1 on Tuesday, 20th December 2022 from N451.5/$1 recorded in the previous trading session.
This represents the lowest level on record at the official window.
Despite the 93.98% increase in the amount of FX that was traded at the official market. Specifically, a total of $134.04 million was traded at the exchange on Tuesday, compared to the $69.18 million that exchanged hands on Monday, 19th December 2022.
Meanwhile, the exchange between the Naira and the US dollar remained stable at the black market on Wednesday, 21st December 2022, trading at an average of N745/$1, the same as recorded in the previous trading session.
This is according to information from black market traders.
According to the traders, they buy FX between N735/$1 and N740/$1, while they sell at a minimum of N743/$1 and a maximum of N745/$1.
The exchange at the black market has maintained stable in past week, after it moderated to N740/$1 at the beginning of the month from as high as N900/$1 recorded at the stated of November 2022.
Also, the exchange rate between the naira and the US dollar at the P2P cryptocurrency recorded a marginal appreciation from N744.48/$1 recorded on Tuesday morning to trade at a minimum of N744.45/$1 on Wednesday morning.
NewsBeatng reports that Nigeria’s external reserve stood at $36.94 billion as of 19th December 2022, a marginal increase from the $36.939 billion recorded as of the previous day.
