The Nigerian naira depreciated to N745/$1 at the black market on Monday, following two weeks of stability.
This is according to information from black market traders interviewed on Monday.
Compared to the N731/$1 recorded last week Friday, naira depreciated by 1.92%.
According to FX traders, the downturn was expected at the beginning of the year, due to increased demands for foreign exchange in the country.
The high demand according to the traders is because of Nigerians who want to pay for school fees abroad, purchase assets, and send funds to children abroad amongst others.
The exchange rate at the cryptocurrency P2P exchange depreciated by 0.35% on Monday morning to trade at a minimum of N745.6/$1.
Meanwhile, the exchange rate at the investors and exporters (I&E) window weakened slightly to N461.67/$1 on Friday, 6th January 2023, a 0.04% depreciation from the N461.5/$1 recorded on Thursday, 5th January 2023.
A total of $79.05 million was traded at the official market on Friday, a marginal increase compared to $68.14 million that exchanged hands the previous day.
Nigeria’s external reserves, however, stood at $37.15 billion as of 5th January 2023, representing a 0.12% increase from the $37.11 billion recorded as 4th December 2022.
The exchange rate at the official market closed at N461.67/$1 on Friday, 6th January 2023, representing a 0.04% depreciation from N461.5/$1 recorded on Thursday.
The opening indicative rate closed at N459.5/$1 on Friday, 6th January 2023.