Naira to pound rate crosses N1000, dollar rate converges at official, black markets

The average naira to pound rate in the black market crossed N1000 on Friday, as the British currency was exchanged at N1002.2/£1.

Both currencies had traded at N997.10/£1 during the preceding day, indicating the naira depreciated in value by 0.51 per cent, while the cost increased by N5.1 kobo.

Data for Friday’s trading has not been released by the Central Bank of Nigeria (CBN) as of the time of filing this report.

The average euro rate, according to the Naira Rates, a parallel market aggregator, traded around N855.9/€1, inching higher from N851.9/€1, but it was sold at an average rate of N826.8/€1 on Thursday in the official market based on data from CBN.

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Also, the dollar rate went up to N774.3/$1 on Friday in the parallel market, rising from N772/$1 during the previous day.

However, the United States Dollar (USD) closed trading at N776.90/$1, as it trades at a similar price to that of the black market.

The foreign exchange traders transacted the dollars at a slightly higher rate compared to the N762.63/$1 rate the USD was sold the day before.

It was gathered from data obtained from FMDQ Exchange that the highest and lowest rates the dollar was offered were N825/$1 and N700/$1 respectively.

However, the dollar rate eventually closed at N776.90/$1, after a total of $73.42 million in foreign exchange was transacted by authorized dealers and their clients.