The average exchange rate between the Nigerian Naira and the British Pound in the black market surpassed N1000 on Friday, with the British currency being traded at N1002.2/£1.
During the previous day, both currencies had traded at N997.10/£1, indicating a 0.51% depreciation in the value of the Naira and an increase of N5.1 kobo in the cost.
As of the time of reporting, data for Friday’s trading had not been released by the Central Bank of Nigeria (CBN).
According to Naira Rates, a parallel market aggregator, the average exchange rate for the Euro was around N855.9/€1, slightly higher than the previous day’s rate of N851.9/€1. However, official market data from the CBN showed that the Euro was sold at an average rate of N826.8/€1 on Thursday.
In the parallel market, the exchange rate for the US Dollar increased to N774.3/$1 on Friday from N772/$1 the previous day. The official market rate closed at N776.90/$1, similar to the black market rate.
Foreign exchange traders conducted transactions at a slightly higher rate compared to the previous day, with the highest and lowest rates offered for the US Dollar recorded at N825/$1 and N700/$1 respectively, based on data from FMDQ Exchange.
After a total of $73.42 million in foreign exchange was transacted by authorized dealers and their clients, the US Dollar eventually closed at N776.90/$1.
