Breaking: Naira appreciates against US Dollar to trade at N759/$1 on 19th June 2023

In the latest currency update, the Nigerian Naira appreciated against the US Dollar at black market, trading at an average rate of N759/$1 on Monday, June 19th, 2023. This represents a decrease of 0.26% compared to the previous day’s trading session, where the Dollar traded at N757/$1.

Reports from BDC traders, as relayed by Nairametrics, confirmed this decrease.

Still on the down trend, the Naira witnessed a slight appreciation against the British Pound, trading at an average exchange rate of N946/£1 on June 14^th, 2023. This indicates an increase of 0.63% compared to the previous day’s trading session, where the Pound traded at an average rate of N952/£1.

Furthermore, the Naira saw a significant increase of 0.62% against the Euro, trading at an average exchange rate of N805/€1 on June 14^th, 2023. This contrasts with the previous day’s trading session, where the Naira traded at N810/€1.

It is important to recognize that currency fluctuations are a natural occurrence in the global foreign exchange market. Various factors, such as economic indicators, geopolitical events, and market sentiment, contribute to the dynamic nature of currency valuations. Investors and individuals involved in currency trading must stay informed about these factors to make informed decisions.

Additionally, it’s crucial to note that black-market exchange rates can vary significantly across different locations within the country. These variations arise due to factors such as timing of surveys, supply and demand dynamics, purchasing power, and other pertinent economic considerations.

The Breakdown is

Naira/Dollar (NGN/USD)

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

Naira/Pound (NGN/GBP)

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

Naira/Euro (NGN/EUR)

• Buy rate – N795/€1
• Sell rate – N805/€1

However, at the cryptocurrency P2P Exchange market, the FX rate experienced depreciation, trading at a minimum of N763.20/$1 on Wednesday 14^th June,2023. This represents a significant 0.18% decrease from the last trading session when it recorded N757.20/$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 – N762.53/$1
• Sell rate – N763.20/$1