Black Market Increases Dollar, Pound, Euro Rates

Foreign exchange currencies in the black market – dollar, pound and euro – appreciated against the naira on Thursday, 9 June.

Parallel market rate aggregator indicated that the average rate of the dollar was N756.8/$1, up from N754.5/$1 the previous day. 

This means that the naira depreciated by N2.3 kobo or -0.30% against the United States Dollar in the Bureau De Change window.

In the same vein, the pound gained against the naira, as the rate went up 0.66% to N957.6/£1, rising from the N951.3/£1 rate reported on Wednesday. 

It was gathered that the naira to euro exchange rate was N823.1/€1, in contrast to the preceding day’s N819.02/€1 rate, reflecting the cost of the European banknote increased by N4.1 kobo or 0.5%. 

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The naira’s depreciation was also recorded in the official market, where the dollar was sold at N469.50/$1 at the close of business. 

This was revealed by the FMDQ Exchange, which stated that the previous day, the naira to dollar exchange rate was N464.67/$1.

The 1.03% or N4.83 kobo dip in the value of the Nigerian currency brought an end to the stability experienced in the last four days. 

Meanwhile, investors and exporters bought $74.18 million worth of foreign exchange according to the FMDQ Exchange platform. 

This indicates a $66.13 million or 47.13% decline in the value of foreign exchange traded by authorised dealers, considering $140.31 million forex was transacted the previous day.

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