Naira Exchange Rate Depreciates In Black Market, May 12, 2023 As Euro Holds Steady

The exchange rate of the naira with that of the United States dollar depreciated by 0.13% trading at an average of N746/$1 at the black market on Friday, May 12 2023. That was lower that the N745/$1 that the naira traded on Thursday, May 11, 2023.

The naira’s exchange rate was, however, unchanged against the euro, trading at N810/€1 on Friday for the second straight day on 12th May 2023 in the Black Market.

Against the depreciation of the naira to the dollar, the Nigerian currency rose marginally against the Pound Sterling as it exchanged  0.21% higher, trading at an average of N933/£1 on May 12th, 2023, compared to N935/£1 recorded on May 11th, 2023 in the Black Market.

Naira/Dollar (NGN/USD)

Buy rate – N744/$1

Sell rate – N746/$1

Naira/Pound (NGN/GBP)

Buy rate – N916/£1

Sell rate – N933/£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 exchange rate of the dollar to the naira at the black market as it is today, May 12, 2023, one may go beyond the textbook definitions as outlined above.

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