Naira falls against the Dollar, Pound as Euro holds steady-Report

The naira depreciated by N3 or 0.42% as it exchanged for an average of N745 to the dollar in the black market on Friday, May 5, 2023, compared to the N742/$1 that was recorded in the previous trading session.

Also, the rate of exchange between the naira and Pound also depreciated to trade at an average of N935/£1 on Friday, 4th May 2023, a 0.32% fall from N932/£1 recorded in the previous trading session.

The naira, however, remained flat against the Euro at N810/€1 on Friday, 5th May 2023, the same amount it traded for on Thursday, 4th May 2023.

Breakdown of the black-market rates is given below:

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Naira/Dollar (NGN/USD)

Buy rate – N738/$1

Sell rate – N745/$1

Naira/Pound (NGN/GBP)

Buy rate – N915/£1

Sell rate – N935/£1

Naira/Euro (NGN/EUR)

Buy rate – N800/€1

Sell rate – N810/€1

The United States Dollar was trading for 745 naira in the Lagos Parallel Market otherwise known as the Black Market today, May 5, 2023 GWG.ng reports.

GWG.ng reports that the value of the a currency is weighted The value of the naira

GWG.ng reports that the value of any nation’s currency is determined by aggregate supply and demand.

The forces of Supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.

The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.

However, in determining the value of the dollar to the naira at the black market as it is today, May 5, 2023, one may go beyond the textbook definitions as outlined above. (Culled from GWG)