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Business News of Wednesday, 7 June 2023


Naira depreciates against the US Dollar to trade at N753/$1 on 7th June 2023

Naira and dollar Naira and dollar

In the latest currency update, the Nigerian Naira depreciated against the US Dollar at black market, trading at an average rate of N753/$1 on June 7th, 2023.This represents a 0.40% decline compared to the previous day’s trading session, where the Dollar traded at N750/$1.

Reports from BDC traders, as relayed by Nairametrics, confirmed this decline.

The Naira also witnessed a slight decline against the British Pound, trading at an average exchange rate of N955/£1 on June 7th, 2023. This indicates a decrease of 0.21% compared to the previous day’s trading session, where the Pound traded at an average rate of N953/£1.

Furthermore, the Naira experienced a significant decrease of 0.37% against the Euro, trading at an average exchange rate of N810/€1 on June 7th, 2023. This is in contrast to the previous day’s trading session, where the Naira traded at N807/€1.

It is important to recognize that currency fluctuations are a natural occurrence in the global foreign exchange market. Various factors, such as economic indicators, geopolitical events, and market sentiment, contribute to the dynamic nature of currency valuations. Investors and individuals involved in currency trading must stay informed about these factors to make informed decisions.

Additionally, it’s crucial to note that black-market exchange rates can vary significantly across different locations within the country. These variations arise due to factors such as timing of surveys, supply and demand dynamics, purchasing power, and other pertinent economic considerations.

The Breakdown is

Naira/Dollar (NGN/USD)

Buy rate – N750/$1
Sell rate – N753/$1

Naira/Pound (NGN/GBP)

Buy rate – N940/£1
Sell rate – N955/£1

Naira/Euro (NGN/EUR)

Buy rate – N795/€1
Sell rate – N810/€1

However, at the cryptocurrency P2P Exchange market, the FX rate experienced a significant decline, trading at a minimum of N766.10/$1 on Wednesday, 7th June,2023. This represents a 0.73% decrease from the last trading session when it recorded N760.55/$1. These figures are according to data obtained from a P2P exchange platform.

Breakdown of the peer-to-peer rates is given below:

Naira/Dollar (NGN/USD)

Buy rate – N766.00/$1
Sell rate – N766.10/$1