Naira Watch

Dollar rate drops in black market, rises at CBN-backed official window

Published

11 months ago

June 12, 2023

The naira appreciated in value against the dollar on Friday, trading at N754.5/$1 in the black market, in contrast with the N756.8/$1 reported on Thursday.

However, the British pound sterling and the European Union’s currency gained against the Nigerian currency in the parallel market.

In the Bureau De Change window of the black market, the average price of the pound increased from N957.6/£1 to N961.8/£1.

Also, foreign exchange traders saw an increase in the cost of buying one euro, paying an average of N825.9/€1 during trading, against the previous day’s rate of N823.1/€1.

The naira couldn’t hold its ground against the dollar in the official market as well, as the cost of the dollar increased by N3 or 0.6% by the close of trading on Friday.

After business hours on Friday in the official window backed by the Central Bank of Nigeria (CBN), the naira to dollar exchange rate was N472.50/$1, above the N469.50/$1 rate reported the preceding day.

Before the dollar rate closed at N472.50/$1, authorised dealers had exchanged the United States currency at N477/$1, which is the highest rate of the day in review, and N460/$1, the lowest rate of the same day.

Investors and exporters saw a slight increase in foreign exchange supply, as they transacted $77.42 million forex, up from $74.18 million recorded on Thursday.

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