Naira Weakens As Tinubu Travels To Meet Foreign Investors

The naira depreciated against the United States Dollar in the black market, today, Wednesday May 10, 2023 as traded for N743 to the dollar a fall of N3 or 0.41% of the N740 it traded on Tuesday, May 9, 2023.

The fall of the currency came on a day that the president-elect, Asiwaju Bola Tinubu travelled to Europe on a trip his media team is aimed at meeting with foreign investors and other strategic partners towards pushing through his renewed hope programme for the country.

Besides falling against the dollar, the naira also fell against the British Pound Sterling and the Euro in the black market.

GWG.ng reports that the naira fell against the pound by 0.32% in the Black Market on Wednesday, May 10, 2023 as it exchanged at N935 to the pound as against the N932/£1 that was recorded in the previous day’s trading session on Tuesday, May 9, 2023.

Similarly, the naira also fell against the Euro as it exchanged at N814/€1 on Wednesday, 10th May 2023, a depreciation of 0.49% from the N810/€1 that it traded for the previous day.

GWG.ng reports that the depreciation of the naira against the dollar and other major currencies in the black market today, Wednesday May 10, 2023 is distinct from trading in the official markets as supervised by the Central Bank of Nigeria.

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 and other major currencies to the naira at the black market as it is today, May 10, 2023, one may go beyond the textbook definitions as outlined above.

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