The exchange rate between the naira and the US Dollar recorded a depreciation of 0.40% to trade at an average of N745/$1 at the black market on Friday, 5th May 2023, compared to the N742/$1 that was recorded in the previous trading session.
This is according to information obtained by Nairametrics from BDC traders.
The exchange rate started the year at N736/$1 and recorded its highest rate at N775/$1 on 20th February 2023 and lowest at N730/$1 on 5th January 2023.
Also, the rate of exchange between the naira and Pound depreciated to trade at an average of N935/£1 on Friday, 4th May 2023, a 0.32% fall from N932/£1 recorded in the previous trading session.
On the flip side, naira traded flat against the Euro at N810/€1 on Friday, 5th May 2023. This represents the same rate as recorded on Thursday, 4th May 2023.
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