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.