Dollar hits N758/$1 in black market, BDCs raise pound, euro rates

While the official market was on break on Monday due to the public holiday to celebrate Nigeria’s Democracy Day, the black market recorded a meltdown in the value of the naira against the dollar.

In the black market, foreign exchange traders sold the dollars at N758.5/$1, indicating the price went up by N4, while the value of the naira dropped by 0.53%, as both currencies were exchanged at N754.5/$1 rate last week Friday.

Also, the British pound sterling took the same upward path, as the price to purchase the United Kingdom currency appreciated by N5.1.

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

This means the naira depreciated in value by 0.53%, as the naira to pound exchange rate averaged N966.9/£1, in contrast to the N961.8/£1 reported on Friday.

In a similar fashion, the naira was down by 0.53% against the euro, as the exchange rate of both currencies climbed from N825.9/€1 to N830.3/€1.

Meanwhile, recall that the official market rate of the naira to dollar exchange closed at N472.50/$1 on Friday, which means the cost of the United States currency rose by N3 or 0.63% from the N469.50/$1 rate they traded the previous day.

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