Naira appreciates against Dollar at parallel market

The Nigerian Naira experienced a notable appreciation against the US Dollar at black market to trade at an average rate of N770/$1, showcasing a significant 1.28% appreciation on Tuesday, May 30th, 2023, after eight consecutive depreciations from May 17, 2023.

The Naira witnessed a decline in value against the euros on Tuesday, May 30, 2023, as it experienced a depreciation of 0.37 per cent, settling at an average rate of N818/€1, as compared to N815/€1 recorded on May 26, 2023.

However, the Naira appreciated against the British Pound by 0.52 per cent to trade at an average rate of N955/£1 on Tuesday, May 30, 2023, in comparison to last week Friday’s trading session, where the pounds stood at N960/£1.

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As market participants continue to closely monitor these developments, it remains to be seen how the Naira will fare during the week under the leadership of the newly elected president, President Bola Ahmeed Tinubu.

It is also crucial to note that black-market exchange rates can vary significantly across different locations in the country. These variations are influenced by factors such as survey timing, demand and supply dynamics, purchasing power, and other relevant economic factors.

However, at the cryptocurrency P2P Exchange market, the FX rate experienced a continued appreciation from the close of last week’s trading session, trading at a minimum of N760.90/$1.

This represents a significant 1.50% increase from last Friday trading session when it recorded N772.50/$1. These figures are according to data obtained from a P2P exchange platform.