Naira weakens to 749/$1 against US Dollar at black market

The Nigerian Naira experienced a decline against the US Dollar in the black market, settling at an average exchange rate of N749/$1 on May 18th, 2023.

This marks a 0.13% decrease compared to the previous day’s trading session when the dollar traded at N748/$1.

Starting the week at N747/$1, the Naira followed a weakening trend, reaching N745/$1 on Thursday. The increase in demand for dollars from importers contributed to this depreciation, following a period of stability earlier in the week at N738/$1.

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On the positive side, the Naira remained steady against the Euro, maintaining an average rate of N815/€1 on May 18th, 2023, the same as on May 17th, 2023.

Additionally, the Naira experienced a 0.42% appreciation against the British Pound, trading at an average of N946/£1 on May 18th, 2023, compared to N950/£1 on May 17th, 2023.

It’s important to note that black-market exchange rates 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, at the cryptocurrency P2P Exchange market, the FX rate experienced a notable depreciation, trading at a minimum of N764.40/$1. This represents a 1.28% decrease from the previous day’s trading session when it was recorded at N754.75/$1. These figures are according to data obtained from a P2P exchange platform.