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Naira Appreciates Against Dollar At Black Market



Naira Appreciates Against Dollar At Black Market

Naira appreciated against the US Dollar to trade at an average of N738/$1 at the black market on Monday, 8th May 2023.

This represents an improvement of 0.94%, in contrast to the N745/$1 that was recorded last week Friday.

This is according to information obtained by Nairametrics from BDC traders.

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.

Ademola Adeleke

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Similarly, the exchange rate between the naira and Pound strengthened to trade at an average of N933/£1 on Monday, 8th May 2023, representing a 0.21% rise from N935/£1 recorded in the last trading session.

Likewise, naira recorded an appreciation of 0.25% against the Euro to trade at N808/€1 on Monday, 8th May 2023, compared to N810/€1 it recorded on Friday, 5th May 2023.

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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.

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Breakdown of the black-market rates is given below:

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

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Blaze Newz gathered that in Osogbo, capital of Osun State, a dollar is exchanged at the rate of N720 as at Monday.

Hammed Tajudeen is a graduate of Osun State Polytechnic, Iree with Higher National Diploma (HND) in Mass Communication