Naira Meets Mixed Fortunes At Black Market, Today, May 15, 2023

The naira declined marginally against the United States Dollar in the Black Market exchange market, today, Monday, May 15, 2023 falling by 0.13% to N747/$1 from the N746/$1 but making appreciable rise against the British Pound.

The fall came as the authorities also released figures showing that the Nigerian inflation rate had defied the interest rate hike applied by the Central Bank of Nigeria, CBN.

GWG.ng reports that the inflation rate reached 22.22% in the last report to be released before the exit of the President Muhammadu Buhari administration.

The British Pound Sterling, however, suffered a noticeable fall against the naira trading exchanging at an average of N930/£1 on May 15th, 2023, as compared to N933/£1 recorded last Friday.

However, the euro held steady against the naira at N810/€1 on Monday, May 15, 2023, the same value of exchange in the last three trading days in the Black Market.

Naira/Dollar (NGN/USD)

Buy rate – N744/$1

Sell rate – N747/$1

Naira/Pound (NGN/GBP)

Buy rate – N919£1

Sell rate – N930/£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 15, 2023, one may go beyond the textbook definitions as outlined above.

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