See Exchange Rate Tonight As Naira Appreciates Against Dollar

Naira experienced a notable appreciation against the US Dollar at the black market to trade at an average rate of N770/$1, showcasing a significant 1.28% appreciation on Tuesday, May 30th, 2023, after eight consecutive depreciations from May 17, 2023.

This is according to information obtained from BDC traders.

The Naira witnessed a decline in value against the euros on Tuesday, May 30, 2023, as it experienced a depreciation of 0.37%, settling at an average rate of N818/€1, as compared to N815/€1 recorded on May 26, 2023.

However, the Naira appreciated against the British Pound by 0.52% to trade at an average rate of N955/£1 on Tuesday, May 30, 2023, in comparison to last week Friday’s trading session, where the pounds stood at N960/£1

These fluctuations in the Nigerian currency reflect the ever-changing dynamics of the global foreign exchange market, influenced by a multitude of factors such as economic indicators, geopolitical events, and market sentiment.

As market participants continue to closely monitor these developments, it remains to be seen how the Naira will fare during the week under the leadership of the newly elected president, President Bola Ahmeed Tinubu.

See Exchange Rate Tonight As Naira Appreciates 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;

Naira/Dollar (NGN/USD)

• Buy rate – N766/$1
• Sell rate – N770/$1

Naira/Pound (NGN/GBP)

• Buy rate – N937/£1
• Sell rate – N955/£1

Naira/Euro (NGN/EUR)

• Buy rate – N805/€1
• Sell rate – N818/€1

However, at the cryptocurrency P2P Exchange market, the FX rate experienced a continued appreciation from the close of last week’s trading session, trading at a minimum of N760.90/$1. This represents a significant 1.50% increase from last Friday’s trading session when it recorded N772.50/$1. These figures are according to data obtained from a P2P exchange platform.

A breakdown of the peer-to-peer rates is given below:

Naira/Dollar (NGN/USD)

• Buy rate – N760.00/$1
• Sell rate – N760.90/$1

BY IYABO AINA

Publisher Of News Rain Nigeria