Dollar hits N758/$1 in black market, BDCs raise pound, euro rates
While the official market was on break on Monday due to the public holiday to celebrate Nigeria’s Democracy Day, the black market recorded a meltdown in the value of the naira against the dollar.
In the black market, foreign exchange traders sold the dollars at N758.5/$1, indicating the price went up by N4, while the value of the naira dropped by 0.53%, as both currencies were exchanged at N754.5/$1 rate last week Friday.
Also, the British pound sterling took the same upward path, as the price to purchase the United Kingdom currency appreciated by N5.1
This means the naira depreciated in value by 0.53%, as the naira to pound exchange rate averaged N966.9/£1, in contrast to the N961.8/£1 reported on Friday
In a similar fashion, the naira was down by 0.53% against the euro, as the exchange rate of both currencies climbed from N825.9/€1 to N830.3/€1.
Meanwhile, recall that the official market rate of the naira to dollar exchange closed at N472.50/$1 on Friday, which means the cost of the United States currency rose by N3 or 0.63% from the N469.50/$1 rate they traded the previous day
