The Nigerian naira has sharply depreciated to N752 to the dollar at the parallel market on Monday, November 30, 2023.
This represents a 0.94% depreciation compared to N745/$1 recorded last week Friday.
This is according to information from black market FX traders.
Also, the exchange rate at the cryptocurrency P2P exchange depreciated on Monday morning to trade at a minimum of N752.4/$1, a 0.83% downturn compared to N746.2/$1 recorded as of the same time last week Friday, 27th January 2023.
In the same vein, the exchange rate at the investors and exporters (I&E) window closed at N461.75/$1 on Friday, 27th January 2023, representing a 0.11% depreciation compared to N461.25/$1 recorded in the previous trading session.
Forex turnover however surged by 116.3% on Friday to $97.67 million, from $45.16 million that exchanged hands in the previous session. Nigeria’s external reserves stood at $37.07 billion as of 26th January 2023, representing a decline of 0.07% from the $37.09 billion recorded as of 25th January 2023, representing the eighth consecutive day of decline.
The exchange rate at the official market closed at N461.75/$1 on Friday, 27th January 2023, a 0.11% depreciation from N461.25/$1 recorded on Thursday, 26th January 2023.
The opening indicative rate closed at N461.25/$1 on Friday, 27th January 2023.
Furthermore, an exchange rate of N462/$1 was the highest rate recorded during intra-day trading before it settled at N461.75/1, while it traded for as low as N446/$1 during intra-day trading.
A sum of $97.67 million in FX value was transacted at the I&E window on Friday, which is 116.28% higher than the $45.16 million that was traded in the previous session.