US Dollar, Pounds, Euro to Naira Black Market and Official Rate Today, Friday, July 14, 2023
On Thursday, the disparity between the black market and official rates of the United States Dollar widened to N51.6 kobo, as per data obtained from aggregators of both channels.
The increase in the black market rate was attributed to a rise of N4.8 kobo in the cost of the dollar. Conversely, in the investors’ and exporters’ window of the official channel, the dollar’s price dropped by N36.29 kobo.
At the close of trading, foreign exchange traders in the official market conducted transactions at a rate of N746.2/$1, which was lower than the previous day’s rate of N782.49/$1.
According to the FMDQ Exchange, the aggregator for the official channel, the USD fluctuated between the highest rate of N818/$1 and the lowest rate of N730/$1.
Before the closure of the investors’ and exporters’ window, official traders transacted $87.38 million in foreign exchange, a decrease compared to the preceding day’s reported amount of $90.52 million. Based on FMDQ data, this represented a 3.46 percent increase or $3.14 million between Wednesday and Thursday’s closing trading sessions.
Naira Rates, the parallel market aggregator, reported an average USD rate of N797.8/$1 in the Bureau De Change window, up from N793/$1 on Wednesday.
Similarly, other foreign currencies traded in the black market experienced value appreciation. The British pound was sold at N1055.8/£1, slightly higher than the previous rate of N1043.1/£1.
The euro also strengthened against the declining naira, with both currencies exchanging at N903.9/€1. This rate surpassed Wednesday’s N888.6/€1.
