Naira drops further at black market, exchanges for N742/$1

The exchange rate between the naira and the US Dollar depreciated to trade at an average of N742/$1 at the black market on Thursday, 4th May 2023, representing a 0.40% drop from N745/$1 recorded in the previous trading session.

The exchange rate started the year at N736/$1 and recorded its highest rate at N775/$1 on 20th February 2023 and lowest at N730/$1 on 5th January 2023.

Likewise, the naira weakened by 0.32% against the Pound to trade at an average of N932/£1 on Thursday, 4th May 2023, compared to N935/£1 it recorded in the previous trading session.

On the other hand, the exchange rate between the naira and the Euro traded at N810/€1 on Thursday, 4th May 2023, a gain of 0.62% in contrast to N805/€1 that was recorded on Wednesday, 3rd May 2023.

READ ALSO: Naira Redesign: Protesters storm CBN, demand Emefiele’s sack, arrest

The exchange rate between the naira and the US Dollar depreciated to trade at an average of N742/$1 at the black market on Thursday, 4th May 2023, representing a 0.40% drop from N745/$1 recorded in the previous trading session.

The exchange rate started the year at N736/$1 and recorded its highest rate at N775/$1 on 20th February 2023 and lowest at N730/$1 on 5th January 2023.

Likewise, the naira weakened by 0.32% against the Pound to trade at an average of N932/£1 on Thursday, 4th May 2023, compared to N935/£1 it recorded in the previous trading session.

On the other hand, the exchange rate between the naira and the Euro traded at N810/€1 on Thursday, 4th May 2023, a gain of 0.62% in contrast to N805/€1 that was recorded on Wednesday, 3rd May 2023.

However, the FX rate at the cryptocurrency P2P Exchange market depreciated to trade at a minimum of N739.88/$1, representing a drop of 0.29% from N742/$1 that was recorded in the previous trading session. This is according to data culled from a P2P exchange platform.

Advertisement