Naira makes further gains, exchanges at N461.10/$ and N752/$ at Black market Rate

As of Thursday, the naira exchanged at N461.10 to $1 at the Investors and Exporters window.

The figure represented an appreciation of 0.02 percent compared with the N461.17 it exchanged on Wednesday.

The open indicative rate closed at N461.25 to the dollar on Thursday.

An exchange rate of N462 to $1 was the highest rate recorded within the day’s trading before it settled at N461.10.

The naira sold for as low as N439.96 to $1 within the day’s trading.

A total of $40.24 million was traded at the official Investors and Exporters Window on Thursday.

According to FMDQ, the Investors’ & Exporters’ FX Window is the market trading segment for investors, exporters, and end-users that allows FX trades to be made at exchange rates determined based on prevailing market circumstances, thus ensuring efficient and effective price discovery in the Nigerian FX market.

Meanwhile, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N752 and sell at N755 on Thursday 9th February 2023, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

(NAN)

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