See Exchange Rate Tonight As Naira Depreciates Again Against US Dollar

Naira depreciated against the US Dollar at black market, trading at an average rate of N763/$1 on Thursday, June 8th, 2023.

This represents a massive 1.33% decline compared to the previous day’s trading session, where the Dollar traded at N753/$1.

Reports from BDC traders confirmed this decline.

In contrast to the dollar, the Naira witnessed a slight appreciation against the British Pound, trading at an average exchange rate of N953/£1 on June 8th, 2023. This indicates an increase of 0.21% compared to the previous day’s trading session, where the Pound traded at an average rate of N955/£1.

Furthermore, the Naira experienced a significant increase of 0.62% against the Euro, trading at an average exchange rate of N805/€1 on June 8th, 2023. This is in contrast to the previous day’s trading session, where the Naira traded at N810/€1.

See Exchange Rate Tonight As Naira Depreciates Again Against US Dollar

It is important to recognize that currency fluctuations are a natural occurrence in the global foreign exchange market. Various factors, such as economic indicators, geopolitical events, and market sentiment, contribute to the dynamic nature of currency valuations. Investors and individuals involved in currency trading must stay informed about these factors to make informed decisions.

Additionally, it’s crucial to note that black-market exchange rates can vary significantly across different locations within the country. These variations arise due to factors such as timing of surveys, supply and demand dynamics, purchasing power, and other pertinent economic considerations.

Naira/Dollar (NGN/USD)

• Buy rate – N760/$1
• Sell rate – N763/$1

Naira/Pound (NGN/GBP)

• Buy rate – N945/£1
• Sell rate – N953/£1

Naira/Euro (NGN/EUR)

• Buy rate – N793/€1
• Sell rate – N805/€1

However, at the cryptocurrency P2P Exchange market, the FX rate experienced an appreciation, trading at a minimum of N765.36/$1 on Thursday, 8^th June,2023. This represents a 0.10% increase from the last trading session when it recorded N766.10/$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 – N765.10/$1
• Sell rate – N765.36/$1

BY IYABO AINA

Publisher Of News Rain Nigeria