Black Market Players Increase Pound, Euro, Dollar To Naira Exchange Rates

Black Market Players have increased Pound, Euro, and Dollar to Naira Exchange Rates.


TheTimes reports that foreign exchange currencies in the black market – dollar, pound, and euro – appreciated against the naira earlier this week.


This online newspaper gathered that the parallel market rate aggregator indicated that the average rate of the dollar was N756.8/$1, up from N754.5/$1 the previous day. 


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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%. 


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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