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Naira Weakens At Black Market



Naira Weakens At Black Market

The exchange rate between the Naira and the US Dollar experienced a slight decline of 0.13% to trade at an average of N747/$1 at the black market on Monday, 15th May 2023, from N746/$1 that was recorded in the previous trading session.

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

Recent data released on May 10, 2023, indicated that consumer inflation in the United States had eased slightly in April, leading to a pause in the Federal Reserve’s aggressive monetary tightening cycle.

This development contributed to the dollar’s rebound, as it edged higher after recovering overnight losses.

Ademola Adeleke

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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.

The exchange rate between the naira and the euro has remained stable over the past three trading days, holding steady at N810/€1 on Monday, May 15, 2023.

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In a positive turn of events, the exchange rate between the Naira and the British pounds experienced a notable appreciation of 0.32% to trade at an average of N930/£1 on May 15th, 2023, compared to N933/£1 recorded on May 12th, 2023.

Meanwhile, it is important to note that the black-market exchange rate varies across different locations in the country where Nairametrics surveyed, depending on factors such as the time of the survey, demand and supply dynamics, purchasing power and other relevant factors. Breakdown of the black-market rates is given below:

Naira/Dollar (NGN/USD)
Buy rate – N744/$1
Sell rate – N747/$1
Naira/Pound (NGN/GBP)
Buy rate – N919£1
Sell rate – N930/£1
Naira/Euro (NGN/EUR)
Buy rate – N795/€1
Sell rate – N810/€1

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