Naira appreciates against US Dollar by 0.23% to close at N463.33/$1


May 25, 2023.

Azonuchechi Chukwu.

The Nigerian currency appreciated against the US Dollar in the Investors and Exporters (I&E) window, by 0.23 per cent or N1.09 to close at N463.33/$1 versus the previous day’s rate of N464.42/$1, with bids moderating when compared with the previous day.

Data from FMDQ Securities Exchange showed that investors bid the Naira to the Dollar as low as N460.00/$1 and as high as N467.00/$1. In the previous session, it was as high as N632.00/$1, stoking fears of devaluation.

In the parallel market, the domestic currency depreciated against its American counterpart yesterday by N2 to trade at N762/$1, in contrast to Tuesday’s value of N760/$1.

This happened as the value of forex transactions eased to $77.00 million from the $215.91 million reported on Tuesday, indicating a decline of $138.91 or 64.3 per cent.(

Azonuchechi Chukwu
Azonuchechi Chukwu
Ms Azonuchechi Chukwu has a BSC holder in mass communication Ebonyi State University

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