See Exchange Rate Tonight As Naira Again Depreciates Against Dollar

The exchange rate between the naira and the US Dollar depreciated by 0.13%to trade at an average of N746/$1 at the black market on Friday, 12th May 2023, from N745/$1 that was recorded in the previous trading session.

This is according to information obtained from BDC traders.

Data released on Wednesday 10th May 2023 showed U.S. consumer inflation eased slightly in April, thereby placing a pause in the Federal reserve decision to aggressive monetary tightening cycle. The CPI losses revealed a rebound in the dollar as it edged higher after recovering overnight losses.

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.

The naira’s exchange rate remained steady against the euro, trading at N810/€1 on Friday,12th May 2023, which was the same as May 11th, 2023.

See Exchange Rate Tonight As Naira Again Depreciates Against Dollar

On the bright side, the exchange rate between the naira and the pound sterling increased by 0.21% to trade at an average of N933/£1 on May 12th, 2023, compared to N935/£1 recorded on May 11th, 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 – N744/$1
• Sell rate – N746/$1

Naira/Pound (NGN/GBP)

• Buy rate – N916/£1
• Sell rate – N933/£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 N749.50/$1, representing an 0.23% drop from N747.75/$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 – N748.82/$1
• Sell rate – N749.50/$1

BY IYABO AINA

Publisher Of News Rain Nigeria