Naira also Appreciates Against British Pound, but Depreciates Against Euro

The Nigerian Naira demonstrated strength against the US Dollar on the black market, as it traded at an average exchange rate of N767/$1. This signifies a notable increase of 0.65% compared to the previous day’s trading session, where the Dollar was valued at N772/$1.

Similarly, the Naira experienced a slight appreciation against the British Pound, with an average exchange rate of N970/£1 on June 23, 2023. This represents a 0.51% increase from the previous trading session’s rate of N970/£1.

However, the Naira witnessed a 0.61% depreciation against the Euro, trading at an average exchange rate of N830/€1 on June 23, 2023. This stands in contrast to the previous trading session, where the Naira was valued at N825/€1 against the Euro.

It is important to note 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. Staying informed about these factors is crucial for investors and individuals involved in currency trading to make well-informed decisions.

Furthermore, it is worth mentioning that black-market exchange rates can vary significantly across different locations within the country. These variations arise due to factors such as survey timing, supply and demand dynamics, purchasing power, and other relevant economic considerations.

On the cryptocurrency peer-to-peer (P2P) exchange market, the FX rate experienced a slight appreciation, with a minimum trading rate of N774.66/$1 on Friday, June 23, 2023. This reflects a 0.53% increase from the previous trading session, where it recorded N778.80/$1. These figures are based on data obtained from a P2P exchange platform.

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