See Exchange Rate Tonight As Naira Surges Against Dollar On 1st June 2023

Naira witnessed a remarkable surge against the US Dollar, igniting excitement among traders and investors, as it reached an impressive average rate of N745/$1 on June 1st, 2023.

This signifies a significant 2.36% appreciation from the last trading session where it stood at N763/$1.

This increase also marks the highest appreciation between the Naira and the dollar since December 1st, 2022, when the naira soared by a remarkable 3.52%. The financial world is abuzz with excitement as the Naira continues its upward trajectory against the dollar, capturing the attention and enthusiasm of traders and investors alike.

Reports from BDC traders confirm this exciting development.

While the Naira maintained it position against the pounds on 1st June 2023 as compared to the previous day trading session where the pounds traded at an average rate of N950/£1, it showcased its resilience against the British euros.

 

See Exchange Rate Tonight As Naira Surges Against Dollar On 1st June 2023

 

The Naira appreciated by 0.61%, reaching an average rate of N815/€1 on June 1st, 2023, compared to N955/€ in the previous trading session.

These fluctuations in the Nigerian currency illustrate the ever-changing dynamics of the global foreign exchange market, where numerous factors, including economic indicators, geopolitical events, and market sentiment, influence currency valuations.

However, as market participants eagerly continues to monitor these developments, the question arises: Could this remarkable appreciation in the dollar value be as a resulting casual effect of the newly elected president, President Bola Ahmeed Tinubu, who recently assumed office? The market eagerly awaits further insights into this fascinating relationship between political change and currency fluctuations.

Furthermore, it’s essential to acknowledge that black-market exchange rates can differ significantly across various locations within the country. These variations stem from factors such as timing of surveys, 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 – N742/$1
• Sell rate – N745/$1

Naira/Pound (NGN/GBP)

• Buy rate – N938/£1
• Sell rate – N950/£1

Naira/Euro (NGN/EUR)

• Buy rate – N805/€1
• Sell rate – N815/€1

However, at the cryptocurrency P2P Exchange market, the FX rate experienced a continued appreciation, trading at a minimum of N739.00/$1. This represents a massive 2.70% increase from the last trading session when it recorded N759.50/$1. These figures are according to data obtained from a P2P exchange platform.

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

• Buy rate – N734.20/$1
• Sell rate – N739.00/$1

BY IYABO AINA

Publisher Of News Rain Nigeria