8th May 2023: Naira Rises in Black Market, Reaches N738/$1 Exchange Rate

Naira Gains in Black Market on 8th May 2023

Naira Appreciates Against US Dollar

On 8th May 2023, a Monday, the Nigerian Naira experienced a boost in value against the US Dollar, with an average exchange rate of N738/$1 in the informal currency market.

This reflects a 0.94% improvement compared to the N745/$1 rate recorded last week Friday. The data was sourced from BDC traders via VoiceofNigeria.

Throughout the year, the exchange rate has fluctuated, with its highest rate being N775/$1 on 20th February 2023 and the lowest at N730/$1 on 5th January 2023.

Naira Strengthens Against Pound and Euro

The Naira also strengthened against the British Pound on Monday, 8th May 2023, trading at an average of N933/£1, a 0.21% increase from the N935/£1 rate in the previous trading session.

Additionally, the Naira appreciated by 0.25% against the Euro, trading at N808/€1 on 8th May 2023, as opposed to the N810/€1 rate on Friday, 5th May 2023.

Black Market Rates Differ Across Locations
It is important to note that black-market rates vary depending on factors such as location, survey time, demand and supply, and purchasing power. Below is a breakdown of the black-market rates:

Naira/Dollar (NGN/USD)

• Buy rate – N734/$1
• Sell rate – N738/$1

Naira/Pound (NGN/GBP)

• Buy rate – N912/£1
• Sell rate – N933/£1

Naira/Euro (NGN/EUR)

• Buy rate – N792/€1
• Sell rate – N808/€1

FX Rate at Cryptocurrency P2P Exchange Market

In contrast to the black market, the FX rate at the cryptocurrency P2P exchange market depreciated by 0.38% on 8th May 2023, trading at a minimum of N745/$1, down from the N742.98/$1 rate in the previous trading session.

The data was collected from a P2P exchange platform.

Here is a breakdown of the peer-to-peer rates:

Naira/Dollar (NGN/USD)

• Buy rate – N742.98 /$1
• Sell rate – N745/$1