Official, black market exchange rate gap hits N118.50

After the latest trading session last weekend, the difference between the official and black market exchange rates for Naira to U.S dollars hit N118.50.

This means that anyone in need of dollars who decides to buy it on the street this morning will have to pay 22.40 percent more than the official rate.

Data from the FMDQ Securities Exchange window where forex is officially traded showed that the Investors and Exporters (I&E) window on Friday, Naira closed at N411.50 per $.

This implies a N0.17 or 0.04 percent appreciation from the N411.67 it traded in the previous session on Thursday.

While the black market data released on abokiFX indicated that Nigerian currency ended last week at N530.00 per $1, the same rate it traded hands-on Wednesday when it hit an all-time low.

However, at the same black market, Naira depreciated to the British Pound Sterling on Friday by N2 as it closed at N722/£1 compared with N710/£1 it closed on Thursday.

While against the Euro, the Nigerian currency lost N1 to close at N623/€1 versus N620/€1 it ended at the previous session.