Black Market Dollar To Naira Exchange Rate: Dollar Rate Rises In Official Market, Euro, Pound Crashes

July 15, 2022 Dollar Update: The United States currency gained against the naira on Friday in the official market, while it appreciated against the Euro and Pounds, the Investors and Exporters (I&E) window revealed.

Traders at the official market backed by the Central Bank of Nigeria (CBN) had increased their asking price for dollar exchange to N430.33/$1 on July 15, as the naira ended three days trading at a weak level.

The exchange rate of both currencies had increased by 1.34%, after buyers of the American dollar parted with N424.62/$1 during the previous trading session. Recall that Monday and Tuesday was declared public holiday for Eid-El-Kabir festive.

However, while naira depreciated against the dollar, it gained in the exchange floor of the Euro, appreciating by 0.06%, which represents N0.25kobo, taking the cost of trade to N415.9/$1, from N416.15/$1.

The United Kingdom currency, pound, shared a similar fate, with the naira appreciating to N490.09/£1 on Friday, after traders sell the currency at N416.15/€1 at the end of the previous day’s trading.

At the close of Friday’s session, traders transacted $63.19 million in the Investors and Exporters window, dropping supply by 28.2%, which represents $24.76 million, considering a total of $87.95 million was supplied a day before.