On Tuesday, May 17th, 2023, the black market exchange rate between the naira and the US dollar remained stable, trading at an average of N747/$1. This rate held steady from the previous trading session when it was also N747/$1.
On Monday, the foreign exchange (FX) market opened with the naira trading at N747 per dollar on the black market.
The naira, which had been stable at N738/dollar at the start of last week, fell to N745/$ on Thursday as importers increased their demand for dollars.
While the naira-dollar exchange rate has remained stable, the naira-euro exchange rate has fallen, having remained stable at N810/€1 for the last three trading days. On Tuesday, May 16, 2023, the exchange rate between the naira and the euro fell by more than 0.62% to trade at N815/€1.
In contrast, the exchange rate between the naira and the British pound fell by 1.61%, trading at an average of N945/£1 on May 16th, 2023, compared to N930/£1 on May 15th, 2023. This is the biggest drop between the naira and the pound in the last 54 days of trading.
Meanwhile, it is important to note that the black-market exchange rate varies across the country, depending on factors such as the time of the survey, demand, and supply dynamics, purchasing power, and other relevant factors.
Breakdown of the black-market rates is given below:
Naira/Dollar (NGN/USD)
- Buy rate – N743/$1
- Sell rate – N747/$1
Naira/Pound (NGN/GBP)
- Buy rate – N925/£1
- Sell rate – N945/£1
Naira/Euro (NGN/EUR)
- Buy rate – N798/€1
- Sell rate – N815/€1
However, the FX rate at the cryptocurrency P2P Exchange market appreciated to trade at a minimum of N752.68/$1, representing a 0.30% increase from N754.68/$1 that was recorded in the previous trading session. This is according to data culled from a P2P exchange platform.
Breakdown of the peer-to-peer rates is given below:
- Naira/Dollar (NGN/USD)
- Buy rate – N752.29/$1
- Sell rate – N752.68/$1
