See Exchange Rate Tonigt As Naira Weakens At Black Market

The Nigerian Naira faced a depreciation against the US Dollar in the black market, with the exchange rate averaging N748/$1 on Wednesday, May 17th, 2023.

This marks a decline of 0.13% compared to the previous day’s trading session, where the dollar traded at N747/$1.

This is according to information from BDC traders.

Starting the week at N747 per dollar, the Naira experienced a weakening trend, reaching N745/$1 on Thursday due to increased demand for dollars from importers. This followed a period of stability at N738/$1 earlier in the week.

The Naira and the Euro remained steady at an average of N815/£1 on Wednesday, 17th May 2023, the same rate recorded on May 16th, 2023.

See Exchange Rate Tonigt As Naira Weakens At Black Market

However, the Naira saw a significant decline of 0.53% against the British Pound, trading at an average of N950/£1 on May 17th, 2023, compared to N945/£1 on May 16th, 2023.

It’s worth noting that the black-market exchange rate can vary across different locations in the country, influenced by factors such as survey timing, demand and supply dynamics, purchasing power, and other relevant factors.

A breakdown of the black-market rates is given below:

Naira/Dollar (NGN/USD)

• Buy rate – N745/$1
• Sell rate – N748/$1

Naira/Pound (NGN/GBP)

• Buy rate – N935/£1
• Sell rate – N950/£1

Naira/Euro (NGN/EUR)

• Buy rate – N800/€1
• Sell rate – N815/€1

However, the FX rate at the cryptocurrency P2P Exchange market depreciated to trade at a minimum of N754.75/$1, representing a 0.28% decrease from N752.68/$1 that was recorded in the previous day trading session. This is according to data culled from a P2P exchange platform.

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

Naira/Dollar (NGN/USD)

• Buy rate – N755.00/$1
• Sell rate – N754.75/$1

BY IYABO AINA

Publisher Of News Rain Nigeria