Naira witnessed a downturn against the US Dollar in the black market, plummeting to an average exchange rate of N762/$1 on Tuesday, May 23rd, 2023. This represents a 0.26% depreciation from the previous day’s trading session, where the dollar was valued at N760/$1.
While the Naira experienced a decline against the US Dollar, it exhibited resilience against the Euro. The Naira appreciated by 0.61%, settling at an average rate of N810/€1 on May 23rd, 2023, compared to the N815/€1 recorded on Monday, May 22nd, 2023.
Conversely, the Naira faced a significant depreciation against the British Pound, dropping by 1.58%. On Tuesday, May 23rd, 2023, it traded at an average rate of N962/£1, contrasting with the N947/£1 rate recorded on May 22nd, 2023.
As the Naira navigates this dynamic terrain of the week, one thing is certain, its fate is intricately intertwined with global economic factors, emerging trends, and the ebb and flow of market sentiment. It stands as a symbol of a nation’s economic prowess and reflects the aspirations and endeavors of a diverse range of stakeholders, from entrepreneurs and traders to policymakers and citizens.
See Exchange Rate Tonight Naira Continues To Drop Against Dollar
It is also crucial to note that black-market exchange rates can vary significantly across different locations in the country. These variations are influenced by factors such as survey timing, demand and supply dynamics, purchasing power, and other relevant economic factors.
The breakdown of black-market rates is as follows;
- Buy rate – N758/$1
- Sell rate – N762/$1
- Buy rate – N940/£1
- Sell rate – N962/£1
- Buy rate – N795/€1
- Sell rate – N810/€1
However, at the cryptocurrency P2P Exchange market, the FX rate experienced an appreciation, trading at a minimum of N764.00/$1. This represents a 0.12% increase from the previous day’s trading session when it was recorded at N764.92/$1. These figures are according to data obtained from a P2P exchange platform.
Breakdown of the peer-to-peer rates is given below:
- Buy rate – N763.80/$1
- Sell rate – N764.00/$1
BY IYABO AINA
Publisher Of News Rain Nigeria