Naira Backslides Against Dollar At Black Market

The exchange rate between the Naira and the US Dollar depreciated on Wednesday to trade at an average of N743/$1 at the black market on Wednesday, 10th May 2023.

This represents a depreciation of 0.41% compared to N740/$1 that was recorded on Tuesday.

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

It is reported that the dollar began the week under pressure as traders await US loans data from the US inflation data due to be released today Wednesday 10th May 2023.

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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.

Similarly, the naira depreciated against the Euro to trade at N814/€1 on Wednesday, 10th May 2023, a fall of 0.49% from N810/€1 that was recorded on Tuesday, 9th May 2023.

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Still on the downside, the exchange rate between the naira and Pound recorded a decline of 0.32% to trade at an average of N935/£1 on Wednesday, 10th May 2023, compared to N932/£1 that was recorded in the previous day’s trading session.

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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., Breakdown of the black-market rates is given below:

Naira/Dollar (NGN/USD)
Buy rate – N740/$1
Sell rate – N743/$1
Naira/Pound (NGN/GBP)
Buy rate – N922/£1
Sell rate – N935/£1
Naira/Euro (NGN/EUR)
Buy rate – N797/€1
Sell rate – N814/€1