The naira/US dollar exchange rate depreciated to trade at an average of N740/$1 on the black market on Tuesday, 10th May 2023, a 0.27% decrease from N740/$1 on Monday.
The dollar is said to have started the week under pressure as traders await US loan data from the US inflation data, which is set to be released on Wednesday, May 11th, 2023.
The exchange rate began the year at N736/$1 and reached a high of N775/$1 on February 20, 2023, and a low of N730/$1 on January 5, 2023.
In addition, the naira depreciated against the Euro, trading at N810/€1 on Tuesday, May 9, 2023, a 0.25% decrease from N808/€1 on Monday, May 8, 2023.
On the other hand, the exchange rate between the naira and the pound increased by 0.11% to trade at an average of N932/£1 on Tuesday, 9th May 2023, compared to N933/£1 in the previous day’s trading session.
Meanwhile, it is worth noting that the black-market rate varies depending on where in the country Nairametrics surveys, the time of survey, demand and supply, purchasing power, and so on. The following is a breakdown of black-market rates:
Naira/Dollar (NGN/USD)
- Buy rate – N737/$1
- Sell rate – N740$1
Naira/Pound (NGN/GBP)
- Buy rate – N920/£1
- Sell rate – N932/£1
Naira/Euro (NGN/EUR)
- Buy rate – N795/€1
- Sell rate – N810/€1
However, the FX rate at the cryptocurrency P2P Exchange market recorded a marginal appreciation of 0.03% to trade at a minimum of N744.77/$1, from N745/$1 that was recorded in the previous trading session. This is according to data culled from a P2P exchange platform.
A breakdown of the peer-to-peer rates is given below:
Naira/Dollar (NGN/USD)
- Buy rate – N744.05/$1
- Sell rate – N744.77/$1
Naira gains at black market, trades at N738/$1 on 8th May 2023
Naira appreciated against the US Dollar to trade at an average of N738/$1 on the black market on Monday, 8th May 2023. This represents an improvement of 0.94%, in contrast to the N745/$1 that was recorded last week Friday.
This is according to information obtained by Nairametrics from BDC traders.
The exchange rate started the year at N736/$1 and recorded its highest rate at N775/$1 on 20th February 2023 and lowest at N730/$1 on 5th January 2023.
Similarly, the exchange rate between the naira and Pound strengthened to trade at an average of N933/£1 on Monday, 8th May 2023, representing a 0.21% rise from N935/£1 recorded in the last trading session.
Likewise, naira recorded an appreciation of 0.25% against the Euro to trade at N808/€1 on Monday, 8th May 2023, compared to N810/€1 it recorded on Friday, 5th May 2023.
Meanwhile, it is worth noting that the black-market rate varies across different locations in the country where Nairametrics surveyed, time of survey, demand and supply, purchasing power, etc.
A breakdown of the black-market rates is given below:
Naira/Dollar (NGN/USD)
- Buy rate – N734/$1
- Sell rate – N738/$1
Naira/Pound (NGN/GBP)
- Buy rate – N912/£1
- Sell rate – N933/£1
Naira/Euro (NGN/EUR)
- Buy rate – N792/€1
- Sell rate – N808/€1
However, the FX rate at the cryptocurrency P2P Exchange market depreciated by 0.38% to trade at a minimum of N745/$1, from N742.98/$1 that was recorded in the previous trading session. This is according to data culled from a P2P exchange platform.
A breakdown of the peer-to-peer rates is given below:
Naira/Dollar (NGN/USD)
- Buy rate – N742.98 /$1
- Sell rate – N745/$1
