Gap Between Black Market, Official Window Dollar Rates Hits N120.56

On Thursday, data from the official window and the black channel showed that the gap between the two markets’ rates is now N120.56 kobo.

According to Naira Rates, a parallel market aggregator, the average price of the dollar was N901.9/$1, increasing from N891.4/$1.

The rate the United States currency was offered rose by N10.5 kobo, as the value of the Nigerian banknote depreciated by 1.17 per cent.

However, in the Investors’ and Exporters’ window of the official market, the price of the American greenback dropped slightly by N1.04.

At the end of trading in the Investors’ and Exporters’ window, FMDQ Exchange, an official channel aggregator, disclosed that the USD closed trading at N781.34/$1, below the previous day’s N782.38/$1 rate.

The increase in the dollar rate in the black market and the slight depreciation of the naira in the official market resulted in the gap between both markets’ rates settling at N120.56 kobo. 

Prime Business Africa gathered that the gap between the dollar rates in both foreign exchange markets increased from N109.02 on Wednesday. 

Meanwhile, the average naira to euro rate on Thursday was N1003.8/€1 in the parallel channel, indicating the cost of the European currency inched higher by N10.8 kobo from N993/€1. 

Also, the value of the pound in the black market increased from the preceding day’s N1152.9/£1 to N1167.7/£1, reflecting the naira depreciated by 1.28 per cent against the United Kingdom currency.