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:
- Buy rate – N734/$1
- Sell rate – N738/$1
- Buy rate – N912/£1
- Sell rate – N933/£1
- 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:
- Buy rate – N742.98 /$1
- Sell rate – N745/$1