Naira appreciates against US Dollar to trade at N759/$1

In the latest currency update, the Nigerian Naira appreciated against the US Dollar at black market, trading at an average rate of N759/$1 on Monday, June 19th, 2023.

This represents a decrease of 0.26 per cent compared to the previous day’s trading session, where the Dollar traded at N757/$1.

Still on the down trend, the Naira witnessed a slight appreciation against the British Pound, trading at an average exchange rate of N946/£1 on June 14th, 2023. This indicates an increase of 0.63% compared to the previous day’s trading session, where the Pound traded at an average rate of N952/£1.

READ ALSO: Naira devaluation: MAN expects import costs to rise, economic uncertainties

Furthermore, the Naira saw a significant increase of 0.62 per cent against the Euro, trading at an average exchange rate of N805/€1 on June 14th, 2023.

This contrasts with the previous day’s trading session, where the Naira traded at N810/€1.

It’s crucial to note that black-market exchange rates can vary significantly across different locations within the country. These variations arise due to factors such as timing of surveys, supply and demand dynamics, purchasing power, and other pertinent economic considerations.

However, at the cryptocurrency P2P Exchange market, the FX rate experienced depreciation, trading at a minimum of N763.20/$1 on Wednesday 14th June,2023. This represents a significant 0.18% decrease from the last trading session when it recorded N757.20/$1. These figures are according to data obtained from a P2P exchange platform.