Naira to Pound rate drops to N1068.5/£1 as Euro inches higher

The Naira to Pound rate dropped to N1068.5/£1, halting the bullish run of the UK currency which lasted for almost a week.

The price of the pound dropped by N2.4 kobo, from N1070.9 kobo/£1, indicating the naira rose in value by 0.22 per cent against the British currency in the black market.

But the rate of the euro inched higher in the Bureau De Change window, from N916.1/€1 to N917.6/€1.

Meanwhile, on Monday, the authorised dealers reduced their asking price for the United States Dollar to N795.28 kobo/$1 by the close of trading in the official market.

They dropped the price of the dollar slightly by N8.62 kobo, from the N803.90 kobo the American greenback was sold at the end of Friday’s session.

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It was gathered that while this indicated the naira appreciated in value by 1.07 per cent, both currencies had traded as high as N832/$1 and as low as N699.50/$1 in intraday activities.

However, the depreciation of the dollar rate wasn’t enough to raise the value of the foreign exchange traded during the day.

It was learnt that the foreign exchange traders in the Investors’ and Exporters’ window transacted $34.55 million worth of forex.

The supply of foreign exchange dropped by $5.93 million or 14.68 per cent compared to the $40,48 million forex transacted last week Friday.

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But in the Bureau De Change window of the black market, the naira to dollar rate remained flat at N804.8 kobo/$1.