Connect with us

Business

Black market pushes exchange rate to N510/dollar

Published

on

Naira continues free fall against U.S dollar

Street currency traders began the new week selling U.S dollars to their customers at N510 to a U.S dollar, check by Ripples Nigeria have shown.

Last Friday, the Naira lost N2 in value against the US dollar, selling for N510/$1 versus N508/$1 on Thursday.

Marking the end of five consecutive days of gains against the U.S dollar at the black market.

However, the Nigerian currency recorded a different outcome at the same unregulated segment of the market against the Pound Sterling and the Euro as it closed and started the new week at N705/£1 and N598/€1 respectively same rate it ended Thursday trade.

READ ALSO: Another day loss for black market speculators as naira gains

At the official market, data posted on the FMDQ Security Exchange showed that the naira closed at N411.50 per $1 on Friday.

This implies a N0.25 or 0.10 per cent devaluation from the N411.25 rate it exchanged hands with the hard currency in the previous session on Thursday.

What this means is that the difference between the both markets remains above N90.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

If you are motivated and passionate about building a global society, founded on justice, equity, fairness, transparency, accountability and superior knowledge, kindly consider donating to Ripples Nigeria’s solutions journalism.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

19 + 4 =

Investigations