Nigerian Naira Exchange Rate Appreciates Against US Dollar, Suffers Slight Depreciation Against Pound and Euro

The Nigerian Naira appreciated against the US Dollar on the black market on Friday, June 23, 2023, trading at an average exchange rate of N767/$1. This marks a significant increase of 0.65% from the previous day’s trading session where the Dollar traded at N772/$1.

The Naira also saw a slight appreciation against the British Pound, with an average exchange rate of N970/£1 on June 23, 2023. This indicates a 0.51% increase from the previous day’s trading session where the Naira traded at N970/£1.

However, the Naira experienced a 0.61% depreciation against the Euro, trading at an average exchange rate of N830/€1 on June 23, 2023. This contrasts with the previous trading session where the Naira traded at N825/€1.

These currency fluctuations are a natural occurrence in the global foreign exchange market. Factors such as economic indicators, geopolitical events, and market sentiment contribute to the dynamic nature of currency valuations. Staying informed about these factors is crucial for investors and individuals involved in currency trading to make well-informed decisions.

It is also worth noting that black-market exchange rates can vary significantly across different locations within the country. These variations arise due to factors such as survey timing, supply and demand dynamics, purchasing power, and other relevant economic considerations.

The following table summarizes the currency rates as of June 23, 2023: