Naira remains stable at black market against Dollar

The exchange rate at black market between the naira and the US Dollar remained stable to trade at an average of N747/$1 on Tuesday, 16th May 2023.

This rate remained unchanged from the previous trading session, where it also stood at N747/$1.

The foreign exchange (FX) market opened on Monday with naira trading at N747 per dollar at the black market.

Naira, which had steadied at N738/dollar at the beginning of last week, depreciated to N745/$ on Thursday, following increased demand for dollars by importers.

READ ALSO: Naira gains against Dollar in official market, hits N750 in black market

While the naira-dollar exchange rate remains stable, the exchange rate between the naira and the euro witnessed a decline, having held steady at N810/€1 for the last three trading days. The exchange rate between the naira and the euro experienced a decline of over 0.62% to trade at N815/€1 on Tuesday, May 16, 2023.

In contrast, the exchange rate between the naira and the British pound experienced a notable decline of 1.61%, to trade at an average of N945/£1 on May 16th, 2023, compared to N930/£1 recorded on May 15th, 2023. This decline marks the largest drop between the naira and the pound in the last 54-day’s trading cycle.

However, the FX rate at the cryptocurrency P2P Exchange market appreciated to trade at a minimum of N752.68/$1, representing a 0.30% increase from N754.68/$1 that was recorded in the previous trading session. This is according to data culled from a P2P exchange platform.