Naira Gains Against Major Currencies As Election Petition Hearing Begins

The naira appreciated by 0.94% against the United States dollar trading at N738 to the dollar as trading began in the second week of the month on Monday, May 8, 2023 in the unofficial black market.

GWG.ng reports that the naira closed trading on Friday at N745 to the dollar.

The naira also rose against the Pound Sterling rising N2 from N935 to N933 representing a rise of 0.2% while the naira also rose modestly by 0.25% against the Euro rising to N808/€1 on Monday, May 8, 2023 as against the N810/€1 it traded in the Black Market on Friday, 5th May 2023.

There was no immediate reason for the rise of the naira against major currencies and it could not be immediately attributed to the start of the election petition hearing on the dispute over the presidential election.

Naira/Dollar (NGN/USD)

Buy rate – N734/$1

Sell rate – N738/$1

Naira/Pound (NGN/GBP)

Buy rate – N912/£1

Sell rate – N933/£1

Naira/Euro (NGN/EUR)

Buy rate – N792/€1

Sell rate – N808/€1

GWG.ng reports that the trading of the naira at 738 to the dollar on Monday, May 8, 2023 is only reflective at the black market and not the official rate which is only obtainable from the Central Bank.

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 8, 2023, one may go beyond the textbook definitions as outlined above.

Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG