British Pound Rises in Nigeria’s Black Market, Reaches N1055.8/£1

In recent developments, the value of the British Pound in Nigeria’s black market has increased, with the exchange rate reaching N1055.8/£1. This marks a slight rise from the previous rate of N1043.1/£1 observed on Wednesday, July 12.

Additionally, it has been reported that the euro has appreciated against the declining naira, with both currencies exchanging at N903.9/€1. This surpasses the rate of N888.6/€1 recorded on Wednesday.

Furthermore, the gap between the black market and official rates of the United States Dollar has widened, reaching N51.6 kobo at the end of trading on Thursday, July 13. Data from aggregators of both channels revealed that the cost of the dollar increased by N4.8 kobo in the black market but decreased by N36.29 kobo in the investors’ and exporters’ window of the official channel. In the official market, foreign exchange traders transacted dollars at a rate of N746.2/$1, lower than the previous day’s rate of N782.49/$1.

According to the FMDQ Exchange, the official channel’s aggregator, the USD fluctuated between N818/$1 and N730/$1, representing the highest and lowest rates respectively.

It is worth noting that before the closure of the investors’ and exporters’ window, official traders conducted foreign exchange transactions amounting to $87.38 million, which is slightly lower than the $90.52 million reported on the previous day. Based on FMDQ data, this signifies a 3.46% increase of $3.14 million between Wednesday and Thursday’s trading sessions.

In the Bureau De Change window, the average rate of the USD, according to Naira Rates, was N797.8/$1, showing a slight rise from the rate of N793/$1 observed on Wednesday.

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