How Naira Fell Against Dollar, Pounds Today, June 22, 2023

The naira depreciated in the unofficial black market on Thursday, June 22, 2023 as it exchanged for the dollar at the rate of N772/$1, which was 1.85% below the previous day’s trading session when the Dollar traded at N758/$1.

Reports from black market traders on June 22, 2023 also revealed that the naira also depreciated against some other major currencies notably the British Pound and the Euro.

The naira depreciated against the British Pound as it traded at an average of rate of N975/£1 on June 22, 2023 which is a 0.52% decrease compared to the exchange rate of N970/£1 recorded in the previous trading session on Wednesday, June 21, 2023.

Besides, the naira also fell 0.61% against the Euro as it exchanged for N825/€1 on the average on June 22, 2023 as against the  N820/€1 it traded the previous day.

Find below how the naira traded with the dollar and other major currencies on June 22, 2023.

Naira/Dollar (NGN/USD)

Buy rate – N765/$1

Sell rate – N772/$1

Naira/Pound (NGN/GBP)

Buy rate – N960/£1

Sell rate – N975/£1

Naira/Euro (NGN/EUR)

Buy rate – N810/€1

Sell rate – N825/€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, June 22, 2023, one may go beyond the textbook definitions as outlined above.

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