Naira weakens to 755/$1 against US Dollar at black market as Euros sees appreciation

The Nigerian Naira experienced a significant decline against the US Dollar in the black market, settling at an average exchange rate of N755/$1 on Friday, May 19th, 2023. This marks a 0.80% decrease compared to the previous day’s trading session when the dollar traded at N749/$1.

The information was obtained from BDC traders, as reported by Nairametrics.

Starting the week at N747/$1, the Naira followed a weakening trend, reaching N745/$1 on Thursday. The increase in demand for dollars from importers contributed to this depreciation, following a period of stability earlier in the week at N738/$1.

On the positive side, the Naira appreciated against the Euro by 0.61% to trade at an average rate of N810/€1 on May 19th, 2023, compared to the N815/€1 recorded on Thursday, May 18th, 2023.

Additionally, the Naira experienced a depreciation of 0.11% against the British Pound, trading at an average of N947/£1 on May 19th, 2023, compared to N946/£1 on May 18th, 2023.

It’s important to note that black-market exchange rates can vary across different locations in the country, influenced by factors such as survey timing, demand and supply dynamics, purchasing power, and other relevant factors.

The breakdown of black-market rates is as follows;

Naira/Dollar (NGN/USD)

• Buy rate – N750/$1
• Sell rate – N755/$1

Naira/Pound (NGN/GBP)

• Buy rate – N932/£1
• Sell rate – N947/£1

Naira/Euro (NGN/EUR)

• Buy rate – N800/€1
• Sell rate – N810/€1

However, at the cryptocurrency P2P Exchange market, the FX rate experienced a slight appreciation, trading at a minimum of N764.10/$1. This represents a 0.04% increase from the previous day’s trading session when it was recorded at N764.40/$1. These figures are according to data obtained from a P2P exchange platform.

Breakdown of the peer-to-peer rates is given below:

Naira/Dollar (NGN/USD)

• Buy rate – N763.93/$1
• Sell rate – N764.10/$1

Naira weakens to 749/$1 against US Dollar at black market as british pounds witnesses surprising appreciation

The Nigerian Naira experienced a decline against the US Dollar in the black market, settling at an average exchange rate of N749/$1 on May 18th, 2023. This marks a 0.13% decrease compared to the previous day’s trading session when the dollar traded at N748/$1.

The information was obtained from BDC traders, as reported by Nairametrics.

Starting the week at N747/$1, the Naira followed a weakening trend, reaching N745/$1 on Thursday. The increase in demand for dollars from importers contributed to this depreciation, following a period of stability earlier in the week at N738/$1.

On the positive side, the Naira remained steady against the Euro, maintaining an average rate of N815/€1 on May 18th, 2023, the same as on May 17th, 2023.

Additionally, the Naira experienced a 0.42% appreciation against the British Pound, trading at an average of N946/£1 on May 18th, 2023, compared to N950/£1 on May 17th, 2023.

It’s important to note that black-market exchange rates can vary across different locations in the country, influenced by factors such as survey timing, demand and supply dynamics, purchasing power, and other relevant factors.

The breakdown of black-market rates is as follows;

Naira/Dollar (NGN/USD)

• Buy rate – N746/$1
• Sell rate – N749/$1

Naira/Pound (NGN/GBP)

• Buy rate – N930/£1
• Sell rate – N946/£1

Naira/Euro (NGN/EUR)

• • Buy rate – N803/€1
  • Sell rate – N815/€1

However, at the cryptocurrency P2P Exchange market, the FX rate experienced a notable depreciation, trading at a minimum of N764.40/$1. This represents a 1.28% decrease from the previous day’s trading session when it was recorded at N754.75/$1. These figures are according to data obtained from a P2P exchange platform.