Naira Swings In Black Market, Falls Against Dollar, Pushes Euro Down

The naira depreciated in the unofficial black market on Thursday, May 11, 2023 as it exchanged for the dollar at N745/$ which was 0.27%to below the N743/$1 that was recorded in the previous trading session.

The depreciation of the naira to the dollar remarkably came on a day that the United States currency fell against major currencies across the world.

Remarkably, the naira which stood firm against the British pounds at N935/£1 and ironically rose against the Euro.  

The naira rose against the Euro in the black market as it traded at N810/€1 on Thursday, May 11 2023, a rise of 0.49% from N814/€1 that was recorded on Wednesday, 10th May 2023.

Naira/Dollar (NGN/USD)

Buy rate – N740/$1

Sell rate – N745/$1

Naira/Pound (NGN/GBP)

Buy rate – N912/£1

Sell rate – N935/£1

Naira/Euro (NGN/EUR)

Buy rate – N795/€1

Sell rate – N810/€1

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 11, 2023, one may go beyond the textbook definitions as outlined above.

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