The Nigerian Naira appreciates against the US Dollar, igniting excitement among traders and investors, as it reached an impressive average rate of N750/$1 on 5th June 2023. This signifies a 0.66% appreciation compared to the last trading session where the dollar traded at N755/$1.
Reports from BDC traders, as relayed by Nairametrics, confirm this exciting development.
While the Naira maintained it position against the pounds on 5th June 2023 as compared to the previous day trading session where the pounds traded at an average rate of N955/£1, it showcased its resilience against the British euros.
The Naira appreciated by a significant 1.83%, reaching an average rate of N805/€1 on June 5th, 2023, compared to N820/€ recorded in the previous day trading session.
These fluctuations in the Nigerian currency illustrate the ever-changing dynamics of the global foreign exchange market, where numerous factors, including economic indicators, geopolitical events, and market sentiment, influence currency valuations.
Furthermore, it’s essential to acknowledge that black-market exchange rates can differ significantly across various locations within the country. These variations stem from factors such as timing of surveys, demand and supply dynamics, purchasing power, and other relevant economic factors.
The breakdown of black-market rates is as follows;
Naira/Dollar (NGN/USD)
- Buy rate – N747/$1
- Sell rate – N750/$1
Naira/Pound (NGN/GBP)
- Buy rate – N942/£1
- Sell rate – N955/£1
Naira/Euro (NGN/EUR)
- Buy rate – N790/€1
- Sell rate – N805/€1
