May 28, 2023

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Exchange Rate Today: Naira Continues on a Steady Fall

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CEM REPORT, MARKET | Resuming this week, the United States Dollars (USD) has continued to exert pressure on the Nigerian Naira (NGN). The naira is now sold at N748 on the parallel market (black market).

Yesterday the naira sold for N747 maintaining its closing range from last week. Sellers continue to hold strong to the greenback, especially in face of a general election.

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Although the official CBN rate of the currency pair is trading at an average of N453.58 today 16th Tuesday. This is against yesterday’s trading of N453.11 against the dollar.

Other Markets

At the black market, the British Pounds sell at N795, an increase from N7778 it traded yesterday.

The Euro on the other maintained it within the range of N915.

Meanwhile, the official CBN rate for the Pounds fell marginal from Monday’s trading of N551.9 to trade today at N553.4.

While the Euro gain marginal from N490 yesterday’s trading to N491 on Tuesday.

 

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