US Dollar, Pounds, Euro Black Market and Official Exchange Rate Today, Monday July 10, 2023
On Friday, the black market exchange rate between the Nigerian Naira and the British Pound surpassed N1000, with the Pound being traded at N1002.2/£1.
This marked a depreciation in the value of the Naira by 0.51% compared to the preceding day, resulting in a cost increase of N5.1 kobo.
As for the official market, on Thursday, the Pound was sold at N966.3/£1. Unfortunately, the Central Bank of Nigeria (CBN) has not released data for Friday’s trading at the time of writing.
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, in the official market, based on data from the CBN, the average rate for the Euro was N826.8/€1 on Thursday.
In the parallel market, the exchange rate for the US Dollar increased to N774.3/$1 on Friday. However, the official market closed with the United States Dollar (USD) trading at N776.90/$1, which is similar to the black market rate.
Foreign exchange traders conducted transactions with the USD at a slightly higher rate compared to the previous day’s rate of N762.63/$1. According to data from FMDQ Exchange, the highest and lowest rates offered for the Dollar were N825/$1 and N700/$1, respectively.
Ultimately, the closing rate for the Dollar settled at N776.90/$1 after authorized dealers and their clients transacted a total of $73.42 million in foreign exchange.
