See Exchange Rate Today As Naira Weakend Against Dollar

Naira experienced a depreciation against the US Dollar, reaching an average exchange rate of N780/$1 in the black market on Tuesday, June 20th, 2023.

This signifies a notable decline of 2.77% compared to the previous day’s trading session, where the Dollar was valued at N759/$1.

On a positive note, the Naira observed a slight appreciation against the British Pound, with an average exchange rate of N953/£1 on June 20th, 2023.

This represents a 0.10% increase when compared to the exchange rate of N954/£1 recorded in the previous trading session on Monday, June 19th, 2023.

Furthermore, the Naira experienced a 0.12% appreciation against the Euro, trading at an average exchange rate of N815/€1 on June 20th, 2023. This contrasts with the previous trading session, where the Naira was valued at N816/€1.

See Exchange Rate Today As Naira Weakend Against Dollar

It is important to acknowledge 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. 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 significantly vary 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.

The Breakdown is given as below;

Naira/Dollar (NGN/USD)

• Buy rate – N771/$1
• Sell rate – N780/$1

Naira/Pound (NGN/GBP)

• Buy rate – N936/£1
• Sell rate – N953/£1

Naira/Euro (NGN/EUR)

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

However, at the cryptocurrency P2P Exchange market, the FX rate experienced a significant depreciation, trading at a minimum of N800.00/$1 on Tuesday, 20^th, June 2023. This represents a 4.69% decrease from the last trading session when it recorded N764.15/$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 – N764.90/$1
• Sell rate – N800.00/$1

BY IYABO AINA

Publisher Of News Rain Nigeria