Fakoyejo Olalekan
The gap between the black market and the official window in the foreign exchange (Forex) market is ₦291.75 kobo according to the Forex data obtained by Prime Business Africa on Wednesday, 19 April 2023.
According to Bureau De Change operators who spoke to this publication this evening, the foreign exchange rate between the Dollar and the Naira was around ₦740-₦755/$1.
Join our WhatsApp ChannelThis is a 61.35 per cent difference when the Bureau De Change rate is compared to that of the official market which stood at ₦463.25 kobo/$1 as of Tuesday, 18 April 2023.
Data obtained from the FMDQ Exchange showed that the exchange rate in the official market backed by the Central Bank of Nigeria (CBN) closed above the ₦462.25 kobo/$1 reported on Monday, 17 April.
It indicates the Naira depreciated by ₦1 or –0.21 per cent between Monday and Tuesday. Prior to its closing rate of ₦463.25 kobo on Tuesday, it traded as high as ₦466 and as low as ₦460 during intra-day trading.
READ: Dollar Rate Hits N463.67, Tinubu Plans To Cut Exchange Rate To N200
Also, compared to the Pound rate, the gap between the British and Nigerian currency exchange rates is ₦377.34, according to the reports obtained from the BDC operators.
This means the Pound is 60.28 per cent above the Naira, as the British banknote was sold for around ₦930-₦950 on Wednesday at the black market.
In the official market, the Pound closed Tuesday’s trading in the official market backed by the Central Bank of Nigeria (CBN) at ₦572.66/£1.
