Naira Rises Against Dollar to Trade at N770/$1 on Tuesday 

The Nigerian Naira experienced a notable appreciation against the US Dollar at black market to trade at an average rate of N770/$1, showcasing a significant 1.28% appreciation today after eight consecutive depreciations from May 17, 2023.

According to information obtained from BDC traders, the Naira witnessed a decline in value against the euros on Tuesday, May 30, 2023, as it experienced a depreciation of 0.37%, settling at an average rate of N818/€1, as compared to N815/€1 recorded on May 26, 2023.

However, the Naira appreciated against the British Pound by 0.52% to trade at an average rate of N955/£1 on Tuesday, May 30, 2023, in comparison to last week Friday’s trading session, where the pounds stood at N960/£1.

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These fluctuations in the Nigerian currency reflect the ever-changing dynamics of the global foreign exchange market, influenced by a multitude of factors such as economic indicators, geopolitical events, and market sentiment.

As market participants continue to closely monitor these developments, it remains to be seen how the Naira will fare during the week under the leadership of the newly elected president, President Bola Ahmeed Tinubu.

It is also crucial to note that black-market exchange rates can vary significantly across different locations in the country. These variations are influenced by factors such as survey timing, demand and supply dynamics, purchasing power, and other relevant economic factors.

The breakdown of black-market rates as at now is as follows: Naira/Dollar (NGN/USD) Buy rate is N766/$ 1 and Sell rate – N770/$1; Naira/Pound (NGN/GBP) Buy rate is N937/£1 and Sell rate – N955/£1 while Naira/Euro (NGN/EUR) Buy rate is N805/€1 and Sell rate – N818/€1.