See Exchange Rate Tonight As Naira Falls Against US Dollar

The exchange rate between the naira and the US Dollar depreciated to trade at an average of N742/$1 at the black market on Thursday, 4th May 2023, representing a 0.40% drop from N745/$1 recorded in the previous trading session.

This is according to information obtained 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.

Likewise, naira weakened by 0.32% against the Pound to trade at an average of N932/£1 on Thursday, 4th May 2023, compared to N935/£1 it recorded in the previous trading session.

On the other hand, the exchange rate between the naira and the Euro traded at N810/€1 on Thursday, 4th May 2023, a gain of 0.62% in contrast to N805/€1 that was recorded on Wednesday, 3rd May 2023.

See Exchange Rate Tonight As Naira Falls Against US Dollar

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 – N738/$1
Sell rate – N742/$1
Naira/Pound (NGN/GBP)

Buy rate – N915/£1
Sell rate – N932/£1
Naira/Euro (NGN/EUR)

Buy rate – N797/€1
Sell rate – N810/€1
e3

However, the FX rate at the cryptocurrency P2P Exchange market depreciated to trade at a minimum of N739.88/$1, representing a drop of 0.29% from N742/$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 – N739.61/$1
Sell rate – N739.88/$1

Naira appreciated against the US Dollar to trade at an average of N745/$1 at the black market on Wednesday, 3rd May 2023. This represents an improvement of 0.54% in contrast to N741/$1 recorded in the previous trading session.

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 the Pound strengthened to trade at an average of N935/£1 on Wednesday, 3rd May 2023, an 0.21% appreciation from N933/£1 that was recorded in the previous trading session.

Meanwhile, naira traded flat against the Euro to N805/€1 on Wednesday, 3rd May 2023. This is the same rate as recorded on Tuesday, 2nd 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 – N740/$1
Sell rate – N745/$1
Naira/Pound (NGN/GBP)
Buy rate – N915/£1
Sell rate – N935/£1
Naira/Euro (NGN/EUR)
Buy rate – N791/€1
Sell rate – N805/€1

However, the FX rate at the cryptocurrency P2P Exchange market appreciated to trade at a minimum of N742/$1. This represents a 0.54% gain from N738/$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 – N741.58/$1
Sell rate – N742/$1

BY IYABO AINA

Publisher Of News Rain Nigeria