Naira falls to N578 at black market

Black market traders are exchanging Nigerian currency at N578 to a dollar as pressure on the foreign exchange market increases.

This is according to a market survey carried out by Ripples Nigeria at Okota, Isolo and Ikeja areas of Lagos State.

Tuesday’s black-market rate was a N3 drop in value compared to the N575 to a dollar it exchange on Monday.

However, at the official market on Tuesday, Nigeria’s currency retained the rate it opened the month of February against the US dollar.

Data from FMDQ securities showed that at the Investors and Exporters (I&E) segment of the FX market in Nigeria where Naira is officially traded, it closed on Tuesday at N416.67/$1.

Read also: Naira closes February on a low, devalues by 0.22%

This happened despite a significant increase in the demand for forex at the window.

During the day’s trade participants at the market exchanged Naira to the dollar for as high as N444.

Data shows that a total of $121.54 million worth of deals were carried out, this is 51.3 per cent or $41.22 million higher than the $80.32 million reported at the previous session.

Similarly, data from the CBN website shows the value of the Naira to the Pound Sterling remained unchanged at the market yesterday at N558.23/£1 just as the Euro also closed flat against the domestic currency at N466.37/€1.

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