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.