Difference between Naira official, black markets rate widens

The gap between the black market and official rates of the United States Dollar rose to N51.6 kobo at the end of trading on Thursday, July 13, according to data obtained from aggregators of both channels.

This was due to the cost of the dollar increasing by N4.8 kobo in the black market but dropped by N36.29 kobo in the investors’ and exporters’ window of the official channel.

In the official market, the foreign exchange traders transacted the dollars at a rate of N746.2/$1 at the close of trading, falling below the N782.49/$1 price offered the previous day.

It was revealed by the FMDQ Exchange, the official channel’s aggregator that the USD also fluctuated between N818 /$1 and N730 /$1, which are the highest and lowest rates respectively.

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Note that before the investors’ and exporters’ window closed, official traders transacted $87.38 million in foreign exchange, in contrast to the $90.52 million reported the preceding day.

This is an increase of 3.46 per cent or $3.14 million at the close of trading on Wednesday and Thursday, based on FMDQ data.

According to Naira Rates, the parallel market aggregator, the average rate of the USD in the Bureau De Change window was N797.8/$1, up from N793/$1 on Wednesday.

Other foreign currencies exchanged in the black market increased in value as well, with the British pound selling at N1055.8/£1, inching higher from N1043.1/£1.

It was gathered that the euro also appreciated in the face of the declining naira, with both currencies exchanging at N903.9/€1. This is above the N888.6/€1 rate of Wednesday.