Naira weakens against US dollar at black market

The exchange rate between the naira and US Dollar recorded a depreciation of 0.14% to trade at an average of N741/$1 at the black market on Tuesday, 2nd May 2023, compared to N740/$1 recorded in the previous trading session on Friday 28th April 2023.

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.

On the other hand, naira improved against the Pound to trade at an average of N933/£1 on Tuesday, 2nd May 2023, representing an 0.21% appreciation in contrast to N935/£1 that was recorded in the previous trading session.

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Also, the exchange rate between the naira and the Euro appreciated by 0.62% to trade at an average of N805/€1 on Tuesday, 2nd May 2023, from N810/€1 recorded on Friday, 28th April 2023.

Meanwhile, it is worth noting that the black-market rate varies across different locations in the country where Nairametrics surveyed, time of survey, demand and supply, purchasing power etc.

A breakdown of the black-market rates is given below: Naira/Dollar (NGN/USD)

Buy rate – N737/$1; Sell rate – N741/$1; Naira/Pound (NGN/GBP); Buy rate – N912/£1; Sell rate – N933/£1; Naira/Euro (NGN/EUR); Buy rate – N791/€1; Sell rate – N805/€1.

However, the FX rate at the cryptocurrency P2P Exchange market appreciated trading at a minimum of N738/$1, representing a gain of 0.81% from N743.99/$1 that was recorded in the previous trading session. This is according to data culled from a P2P exchange platform.