See Exchange Rate Tonight As Naira Weakens Against Dollar

Naira experienced a decline against the US Dollar at black market. On Thursday, June 22, 2023, the Naira traded at an average exchange rate of N772/$1, marking a significant decrease of 1.85% compared to the previous day’s trading session where the Dollar was valued at N758/$1.

Reports from BDC traders confirmed this downward trend.

Additionally, the Naira experienced a slight decline against the British Pound, trading at an average exchange rate of N975/£1 on June 22, 2023.

This indicates a 0.52% decrease compared to the exchange rate of N970/£1 recorded in the previous trading session.

Furthermore, the Naira experienced a 0.61% depreciation against the Euro, trading at an average exchange rate of N825/€1 on June 22, 2023. This contrasted with the previous trading session where the naira traded at N820/€1.

 

See Exchange Rate Tonight As Naira Weakens Against Dollar

 

It is essential to recognize that currency fluctuations are a natural occurrence in the global foreign exchange market. Various factors, including economic indicators, geopolitical events, and market sentiment, contribute to the dynamic nature of currency valuations.

Therefore, investors and individuals involved in currency trading should stay well-informed about these factors to make informed decisions.

Additionally, it is 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 survey timing, supply and demand dynamics, purchasing power, and other relevant economic considerations.

A breakdown of the currency rates is given as below:

Naira/Dollar (NGN/USD)

• Buy rate – N765/$1
• Sell rate – N772/$1

Naira/Pound (NGN/GBP)

• Buy rate – N960/£1
• Sell rate – N975/£1

Naira/Euro (NGN/EUR)

• Buy rate – N810/€1
• Sell rate – N825/€1

However, at the cryptocurrency P2P Exchange market, the FX rate experienced a significant depreciation, trading at a minimum of N778.80/$1 on Thursday, 22, June 2023.

This represents a 1.57% decrease from the last trading session when it recorded N766.75/$1. These figures are according to data obtained from a P2P exchange platform.

Breakdown of the peer-to-peer rates is given below:

Naira/Dollar (NGN/USD)

• Buy rate – N772.00/$1
• Sell rate – N778.80/$1

BY IYABO AINA

Publisher Of News Rain Nigeria