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Naira Watch

Black market operators increase dollar, euro, pound rates



The naira continues to depreciate in the black market, as the cost of the dollar increased by 1.2% or N9.5 kobo on Tuesday to N753.4/$1.

On Monday, Naira Rates, a black market foreign exchange aggregator, had reported that the average cost of a dollar was N743.9/$1 in the Bureau De Change window.

Similarly, the naira fell to the pound sterling, trading at N951.3/£1, above the N937.2/£1 the Bureau De Change operators offered the pound the previous day.

Also, the euro was sold at an average of N819.6/€1, which is N11.4 kobo or 1.4% higher than the N808.2/€1 rate the European currency was offered the preceding day.

While the naira lost some value to the foreign currencies in the Bureau De Change window of the black market, it was static in the official market against the dollar.

READ ALSO:Dollar, euro, pound gain against naira at black market, USD flat in official window

According to the FMDQ Exchange, the official market aggregator, the naira was stable at N464.67 kobo per dollar, hovering above the same rate offered between Thursday to Monday.

However, before the rate closed at N464.67/$1, the intraday’s highest rate was N467/$1, while the lowest was N460/$1, data from FMDQ disclosed.

During the session, foreign exchange traders in the investors and exporters window transacted $186.02 million worth of forex.

The traders recorded an increase in foreign exchange supply after days of decline, as the value of forex transacted is $108.54 million or 140.08% more than the $77.48 million reported on Monday.

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