Naira depreciates against the US Dollar to trade at N764/$1 on 9th June 2023

In the latest currency update, the Nigerian Naira depreciated against the US Dollar at the black market, trading at an average rate of N764/$1 on Friday, June 9th, 2023. This represents a slight decline of 0.13% compared to the previous day’s trading session, where the Dollar traded at N763/$1.

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

Still on the downward trend, the Naira witnessed a significant depreciation against the British Pound, trading at an average exchange rate of N960/£1 on June 9th, 2023. This indicates a decrease of 0.73% compared to the previous day’s trading session, where the Pound traded at an average rate of N953/£1.

Furthermore, the Naira suffered a significant decline of 0.62% against the Euro, trading at an average exchange rate of N810/€1 on June 9th, 2023. This contrasts with the previous day’s trading session, where the Naira traded at N805/€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 – N760/$1
Sell rate – N764/$1

Naira/Pound (NGN/GBP)

Buy rate – N945/£1
Sell rate – N960/£1

Naira/Euro (NGN/EUR)

Buy rate – N793/€1
Sell rate – N810/€1

However, at the cryptocurrency P2P Exchange market, the FX rate experienced an appreciation, trading at a minimum of N760.50/$1 on Friday, 9th June,2023. This represents a 0.63% increase from the last trading session when it recorded N765.36/$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 – N759.90/$1
Sell rate – N760.50/$1

In the latest currency update, the Nigerian Naira depreciated against the US Dollar at black market, trading at an average rate of N763/$1 on Thursday,June 8th, 2023.This represents a massive 1.33% decline compared to the previous day’s trading session, where the Dollar traded at N753/$1.

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

In contrast to the dollar, the Naira witnessed a slight appreciation against the British Pound, trading at an average exchange rate of N953/£1 on June 8th, 2023. This indicates a increase of 0.21% compared to the previous day’s trading session, where the Pound traded at an average rate of N955/£1.

Furthermore, the Naira experienced a significant increase of 0.62% against the Euro, trading at an average exchange rate of N805/€1 on June 8th, 2023. This is in contrast to the previous day’s trading session, where the Naira traded at N810/€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 – N760/$1
Sell rate – N763/$1

Naira/Pound (NGN/GBP)

Buy rate – N945/£1
Sell rate – N953/£1

Naira/Euro (NGN/EUR)

Buy rate – N793/€1
Sell rate – N805/€1

However, at the cryptocurrency P2P Exchange market, the FX rate experienced an appreciation, trading at a minimum of N765.36/$1 on Thursday, 8th June,2023. This represents a 0.10% increase from the last trading session when it recorded N766.10/$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 – N765.10/$1
Sell rate – N765.36/$1