Dollar, Pound Rise As Naira Falls In Black Market

The naira depreciated against the United States Dollar as it traded at an average of N745/$1 at the black market today, Wednesday, May 3,  2023 representing a 0.54% fall in contrast to N741/$1 it traded in the previous trading session.

Besides the naira and dollar, GWG.ng reports that the Pound also rose against the naira as it traded at an average of N935/£1 on Wednesday, 3rd May 2023, rising 0.21% as against the N933/£1 that was recorded in the previous trading session.

However, the naira was flat against the other major European currency, the Euro staying at N805/€1 on Wednesday, 3rd May 2023. This is the same rate as recorded on Tuesday, 2nd May 2023.

Naira/Dollar (NGN/USD)

Buy rate – N740/$1

Sell rate – N745/$1

Naira/Pound (NGN/GBP)

Buy rate – N915/£1

Sell rate – N935/£1

Naira/Euro (NGN/EUR)

Buy rate – N791/€1

Sell rate – N805/€1

The United States Dollar was trading for 745 naira in the Lagos Parallel Market otherwise known as the Black Market today, May 3, 2023 GWG.ng reports recording a rise against the naira just like the pound.

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 3, 2023, one may go beyond the textbook definitions as outlined above.

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