The exchange recorded an opening indicative rate of N463.67/$1 on Thursday 18th May 2023
Naira strengthens at official market to N463/$1 on 18th May 2023
The Nigerian Naira experienced a significant decline against the US Dollar in the black market, just 10ndays settling at an average exchange rate of N755/$1 on Friday, May 19th, 2023.
This marks a 0.80% decrease compared to the previous day’s trading session when the dollar traded at N749/$1 as the country is heading to May 29 for inauguration of Bola Ahmed Tinubu as president.
The information was obtained from BDC traders, as reported by Nairametrics.
Starting the week at N747/$1, the Naira followed a weakening trend, reaching N745/$1 on Thursday. The increase in demand for dollars from importers contributed to this depreciation, following a period of stability earlier in the week at N738/$1.
On the positive side, the Naira appreciated against the Euro by 0.61% to trade at an average rate of N810/€1 on May 19th, 2023, compared to the N815/€1 recorded on Thursday, May 18th, 2023.
Additionally, the Naira experienced a depreciation of 0.11% against the British Pound, trading at an average of N947/£1 on May 19th, 2023, compared to N946/£1 on May 18th, 2023.
It’s important to note that black-market exchange rates can vary across different locations in the country, influenced by factors such as survey timing, demand and supply dynamics, purchasing power, and other relevant factors.
The breakdown of black-market rates is as follows;
Naira/Dollar (NGN/USD)
Buy rate – N750/$1
Sell rate – N755/$1
Naira/Pound (NGN/GBP)
Buy rate – N932/£1
Sell rate – N947/£1
Naira/Euro (NGN/EUR)
