Business & Economy

Naira trades at N756/$1 at the black market on Valentine’s day


Naira trades at N756/$1 at the black market on Valentine's day

Naira remained flat against the US dollar at the black market on Tuesday, 14th February 2023, trading at an average of N756/$1, this is the same rate recorded on Monday, 13th February 2023.

This is according to information from black market FX operators who spoke to newsmen.

The exchange rate at the cryptocurrency P2P exchange depreciated for the seventh consecutive day on Tuesday, 14th February 2023, trading at a minimum of N752.25/$1. This represents a 0.37% depreciation from N749.48/$1 recorded on Monday.

Meanwhile, the local currency appreciated against the US dollar at the investors and exporters (I&E) window by 0.11% to close at N461/$1 on Monday, 13th February 2023 from N461.5/$1 recorded last week Friday.

Forex turnover at the official market increased by 251.70% to $208.91 million on Monday, 13th February 2023, compared to the $59.40 million that was transacted in the previous session.

Nigeria’s external reserves stood at $36.82 billion as of Thursday, 9th February 2023, slightly lower than the previous day, representing the fifth consecutive day of decline.


Uchechi Ojo
Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn
Mike Ojo

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