See Exchange Rate Tonight As Naira Depreciates At Black Market

The exchange rate between the naira and the US Dollar depreciated by 0.27%to trade at an average of N745/$1 at the black market on Thursday, 11th May 2023, from N743/$1 that was recorded in the previous trading session.

This is according to information obtained from BDC traders.

Notably, a report from the U.S. inflation on Wednesday 10th May 2023, showed that the dollar fell against other major currencies more than expected, while the euro edged higher and thereby may increase the likelihood of the Federal Reserve to pause its interest rate hikes.

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.

See Exchange Rate Tonight As Naira Depreciates At Black Market

On the upside, the naira appreciated against the Euro to trade at N810/€1 on Thursday, 11th May 2023, a rise of 0.49% from N814/€1 that was recorded on Wednesday, 10th May 2023.

While the exchange rate between the naira and Pounds remained unchanged to trade at an average of N935/£1 on Thursday, 11th May 2023, as was recorded in the previous day’s trading session.

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 – N912/£1
• Sell rate – N935/£1

Naira/Euro (NGN/EUR)

• Buy rate – N795/€1
• Sell rate – N810/€1

However, the FX rate at the cryptocurrency P2P Exchange market depreciated to trade at a minimum of N747.75/$1, representing an 0.19% drop from N746.35/$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 – N747.30/$1
• Sell rate – N747.75/$1

BY IYABO AINA

Publisher Of News Rain Nigeria