Naira weakens to 748/$1 against US Dollar 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.

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.

READ ALSO: Naira remains stable at black market against Dollar

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.

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.