As of Friday, June 23, 2023, the Naira showcased notable appreciation against the US Dollar, while experiencing slight fluctuations with the British Pound and Euro.
According to reports from BDC traders, the Naira strengthened against the US Dollar, trading at an average exchange rate of N767/$1 on the black market. This marks a significant increase of 0.65% compared to the previous day’s trading session where the Dollar traded at N772/$1.
In a similar vein, the Naira saw a slight appreciation against the British Pound, with an average exchange rate of N970/£1 on June 23, 2023. This indicates a 0.51% increase from the previous day’s trading session where the Naira traded at N970/£1.
However, the Naira experienced a 0.61% depreciation against the Euro, trading at an average exchange rate of N830/€1 on June 23, 2023. This contrasts with the previous trading session where the Naira traded at N825/€1.
It is important to understand that currency fluctuations are a natural occurrence in the global foreign exchange market. Factors such as economic indicators, geopolitical events, and market sentiment contribute to the dynamic nature of currency valuations. Staying informed about these factors is crucial for investors and individuals involved in currency trading to make well-informed decisions.
Furthermore, it is worth noting that black-market exchange rates can vary significantly across different locations within the country. These variations arise due to factors such as survey timing, supply and demand dynamics, purchasing power, and other relevant economic considerations.
Breakdown of the currency rates as of June 23, 2023 is given as below:
Naira/Dollar (NGN/USD)
Buy rate – N763/$1
Sell rate – N767/$1
Naira/Pound (NGN/GBP)
Buy rate – N952/£1
Sell rate – N970/£1
Naira/Euro (NGN/EUR)
Buy rate – N815/€1
Sell rate – N830/€1
However, at the cryptocurrency P2P Exchange market, the FX rate experienced a slight appreciation, trading at a minimum of N774.66/$1 on Friday 23, June 2023.
This represents a 0.53% increase from the last trading session when it recorded N778.80/$1. These figures are according to data obtained from a P2P exchange platform.
Breakdown of the peer-to-peer rates is given below:
Naira/Dollar (NGN/USD)
Buy rate – N772.00/$1
Sell rate – N774.66/$1
Exchange market closes at N765.13/$1 at official market on 22nd June 2023.
The official exchange market ended the trading day on 22nd June 2023 with the naira at N765.13 per US dollar. This was a slight decrease from the previous day’s rate of N763.17 per dollar.
Nairametrics
