Naira slumps against Dollar, Pounds, Euro at official, parallel market

At the black market on Thursday, the average rate of the dollar was N756.8/$1, indicating the price offered in the Bureau De Change window went up by N2.3 kobo.

This means the naira in the hands of foreign exchange traders depreciated by -0.30% when Thursday’s rate is compared to Wednesday’s N754.5/$1 rate.

Also, the Nigerian currency slumped in value by 0.66% against the pound, as both currencies exchanged at 957.6/£1, in contrast to the N951.3/£1 rate reported by the black market aggregator, Naira Rates, the preceding day.

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Similarly, the price of the euro increased to N823.1/€1, which is N4.1 kobo or 0.5% above the N819.02/€1 rate the previous day.

In the official market, the naira’s hold against the dollar was broken at the end of the day after the rate closed at N469.50/$1.

The value of the Nigerian currency fell by 1.03% or N4.83 kobo after the exchange rate between the dollar and the naira was stable for four consecutive days.

The FMDQ Securities, which compiles the official rates that the highest rate the dollar was sold on Thursday was N476.50/$1, and the lowest price was N460.

Furthermore, authorised dealers reported that the total value of foreign exchange transactions was $74.18 million, falling below the $140.31 million transactions recorded the day before.