As the working days closed Friday, May 13, 2022, the US dollar/Naira exchange rate at the peer-to-peer market closed at NGN606 against the United States dollar.
At the black market, it closed at NGN599 compared to NGN590 at the start of trading, according to an update from major Bureau De Change operators in the city of Lagos, Nigeria’s commercial capital.
Note: The exchange rate isn’t the same across Nigeria. For instance, the rate in Lagos and Abuja are higher than what’s obtainable in Oyo, Osun, and Edo, with a margin of NGN3 or more.
It is most likely that demand for forex especially USD, GBP and EUR skyrocket as Nigeria’s two major political parties – APC and APC – warm-up for their primaries before the end of the month.
They prefer to carry a small quantity of currency by opting for currencies that are more valuable than the naira
Other currencies against naira
Euro, the second most traded global currency after the USD closed at NGN617 at the parallel market while the pound sterling closed at NGN745 at the same market.
Cryptocurrency to Naira
Bitcoin to naira is NGN17,978,423 at the time of publication. It gained 6.38% in the last 24 hours after crashing below $30k two days ago.
Data on Luno, one of the major crypto exchanges in Africa showed that Ethereum, the second-largest cryptocurrency by market capitalisation gained 9.34% last 24 hours, trading at NGN1,243,208/ETH.
Litecoin (LTC) another popular crypto asset among Nigerians is NGN41,755 against 1 LTC, gaining 12.15% in the last 24 hours. LTC is the 18th largest cryptocurrency by market cap, according to CoinMarketCap.
There has been a sell-off among holders of crypto following the crash across the board in the last couple of days. Billions of dollars have been wiped off since the crash began.
Crypto is the most volatile asset in the world.