Black Market’s Dollar, Euro And Pound Rates Rise, USD Drops By N39 In Official Market

In the Bureau De Change window of the black market, the cost of the dollar, euro and the British pound increased on Friday, as the value of the naira fell.

According to Naira Rates, a parallel rate aggregator, the average price the United States Dollar was sold in the black market was N757.4/$1. 

The cost of the dollar increased by N1.2 kobo or 0.15% from the N756.2/$1 the American Greenback was sold the day before by BDC operators. 

Foreign exchange traders also transacted the British pound at a higher rate of N983.8/£1, rising from N971.4/£1 reported on Thursday. 

This indicates the average rate of the pound rose by N12.4 kobo, with the value of the naira depreciating by 1.27% when both rates are compared. 

Prime Business Africa also gathered that the euro cost buyers more on Friday, as they were offered the European currency at an average price of N841.8/€1. 

When compared to the naira to euro rate of N831.2/€1 offered the previous day, it means the euro cost buyers N10.6 kobo more on Friday, than it did the preceding day. 

In the investors’ and exporters’ window of the official market, the dollar was sold at a lower rate of N663.04/$1 at the close of trading. 

According to FMDQ Exchange, the cost of the United States Dollar fell by N39.15 kobo or 5.57% from the N702.19/$1 the foreign currency was placed on sale at the end of the previous day’s session. 

During trading, it was learnt that the dollar rate rose as high as N791/$1 and as low as N461/$1 before the curtain was drawn on the price at N663.04/$1.

Meanwhile, for the first time this year, the supply of foreign exchange in the investors’ and exporters’ window rose to $311.83 million. 

This is the value of transactions conducted by the foreign exchange traders, which is $241.09 million or 340.8% more than the $70.74 million in international currencies exchanged the day before.