Naira Appreciates At Official Market As Dollar Supply Rises On Friday

The official exchange rate between the Naira and the Dollar closed down at N461.83 kobo/$1, data obtained from FMDQ Exchange on Monday disclosed.

Prime Business Africa gathered that the foreign exchange rate depreciated by N0.17kobo, as the Naira gained 0.03 per cent to rise in value on Friday, 17 March 2023, when compared to the N462/$1 reported during Thursday’s session.

Join our WhatsApp Channel

During trading, the Dollar rate rose as high as N462.24 kobo in the official market, and as low as N460 before it closed at N461.83 kobo. 

Investors traded $87.81 million worth of foreign exchange during business hours in the Investors and Exporters window of the official market. 

This showed the value of foreign exchange transactions depreciated by –10.19 per cent, as investors and exporters exchanged $9.97 million less than the $97.78 million traded the previous session. 

Year-to-date, the exchange rate has been rather stable in the official market, posting an appreciation of 0.03 per cent or N0.16 kobo since the beginning of January. 

It indicates the Naira has managed to stand its ground against the United States currency despite pressure from the scarcity of the American greenback. 

This is against projections that the Naira will weaken significantly to the Dollar, although analysts have predicted that the depreciation of the Nigerian currency will come after the country’s election in the first quarter of 2023.

+ posts

Featured Stories

Latest from Business

Fidelity Bank Kicks Off N127 Billion Public Offer, Rights Issue Today

Fidelity Bank Is Least Performing Bank Stock In Q3 2025

Fidelity Bank was the least performing bank on the Nigerian Exchange (NGX) Limited, also known as the stock market, in the third quarter (Q3) of 2025. According to Prime Business Africa’s (PBA) analysis, out of 11 banks covered in the stock market,

Over N1.28trn Gain Recorded As Dangote Cement, NCR Lead NGX Rebound

The Nigerian Exchange (NGX) Limited rebounded on Tuesday, December 2, with a N1.28 trillion gain, as the stock market capitalisation increased to N92.37 trillion, from N91.08 trillion recorded on Monday, December 1. Similarly, the all-share index (ASI) appreciated by 1,718.03 basis points,
Verses in Honour of Womanhood As 2023 Providus Bank World Poetry Day Café Holds March 21
Previous Story

Verses in Honour of Womanhood As 2023 Providus Bank World Poetry Day Café Holds March 21

EFCC Prosecutes Professor Edwin, Firms For Alleged N1.4bn Fraud In Lagos
Next Story

EFCC Prosecutes Professor Edwin, Firms For Alleged N1.4bn Fraud In Lagos

Don't Miss

Osinbajo

2023: Why I Want To Succeed Buhari – Osinbajo

Vice-President Yemi Osinbajo has disclosed that he is capable to
Nigerian Newspapers: Top 10 Business Stories Set Off Your Thursday

Top 10 Stories From Nigerian Newspapers Today, 18th April 2023

Here are the top 10 stories from Nigerian daily newspapers