Dollar, euro, pound gain against naira at black market, USD flat in official window
The official foreign exchange rate between the naira and the dollar closed flat again on Friday, as both currencies traded at N464.67/$1, which is the same rate reported the previous trading day.
Note that during trading, the dollar was offered at a high of N467/$1 and a low of N460/$1, according to the FMDQ Security Exchange, before the foreign currency rate settled at N464.67/$1
At the end of trading in the official market, foreign exchange traders recorded $98.90 million forex transactions, which fell short of the $250.98 million worth of forex exchanged the preceding day.
This is $152.07 million or 60.59% decline in the value of foreign exchange transacted by forex traders in the investors’ and exporters’ window between Friday and Thursday, based on data from FMDQ
Meanwhile, in the Bureau De Change window of the black market, the United States Dollar, euro and British pound sterling recovered against the Nigerian currency on Friday.
Reports obtained from Naira Rates showed that the average black market dollar rate was N743.3/$1, in contrast to the N734.6/$1 both currencies exchanged the previous trading day.
Also, the value of the naira fell to the euro, as both currencies’ rates rose from N796/€1 to N812.8/€1. The pound also gained against the Nigerian currency, with the Naira exchanging for the pound at a rate of N946.1/£1, up from N923.2/£1
