June 21, 2023 – In a surprising turn of events, the Nigerian Naira exhibited an impressive performance, undergoing a significant surge against the US Dollar on the black market.
Yesterday, the Naira achieved an average exchange rate of N758/$1, marking a remarkable increase of 2.82% compared to the previous day’s trading session where the Dollar was valued at N780/$1.
However, the Naira faced a substantial decline against the British Pound, trading at an average exchange rate of N970/£1 on June 21, 2023. This indicates a 1.78% decrease compared to the exchange rate of N953/£1 recorded in the previous trading session on June 20th, 2023.
Additionally, the Naira experienced a 0.61% depreciation against the Euro, trading at an average exchange rate of N820/€1 on June 21, 2023. This stands in contrast to the previous trading session, where the Naira was valued at N815/€1.
The fluctuation in currency valuations is influenced by a variety of factors, including economic indicators, geopolitical events, and market sentiment. Staying informed about these factors is crucial for investors and individuals engaged in currency trading to make well-informed decisions.
Moreover, it is important to note that black-market exchange rates can vary significantly across different regions within the country. These variations are caused by factors such as survey timing, supply and demand dynamics, purchasing power, and other relevant economic considerations.
However, in the cryptocurrency peer-to-peer (P2P) exchange market, the Naira witnessed a substantial appreciation, reaching a minimum of N766.75/$1 on Wednesday, June 21, 2023. This represents a 4.16% increase from the previous trading session, where the rate stood at N800/$1. These figures are based on data obtained from a P2P exchange platform.
