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Exchange Rate Today: Naira Continues Positive Form

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naira, interest rate

The currency market is still responding positively since the May 29 inauguration. The naira has continued to grow on marginal pace again the dollar.

The naira opened this week trading at ₦752.50/$1 from ₦755/$1, it closed last week, a 0.39 per cent increase.

CEM black market source reveals that as of today, Monday 5th June 2023 the dollar may close at ₦750/$1.

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However, from CBN’s website, the dollar is trading at an average of ₦460/$.

In other markets, the naira has also continued to put up a fight against the pound trading at ₦945/£1. Traders are willing to buy at ₦930/£1.

Similarly, the naira also appreciated significantly against the euro trading today at ₦810/€1 compared to N820/€ recorded in the previous day’s trading session. An increase of 1.21 per cent.

Since President Bola Ahmed Tinubu announced this policy intention to unify the exchange rate windows, the naira has been performing quite well.

Although, experts say it would have a negative impact if not carried out painstakingly.

The breakdown of black-market rates is as follows;

Naira/Dollar (NGN/USD)

Buy rate – N749/$1

Sell rate – N752/$1

Naira/Pound (NGN/GBP)

Buy rate – N930/£1

Sell rate – N945/£1

Naira/Euro (NGN/EUR)

Buy rate – N795/€1

Sell rate – N810/€1

It should be noted price varies from exchanger however CEM reports average prices.

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