Dollar Rate Rises in Black Market while USD Remains Stable in Official Window

By Akpan

Dollar Rate Rises in Black Market while USD Remains Stable in Official Window



The exchange rates between the Nigerian Naira (NGN) and other major currencies:

Official Market (Investors' and Exporters' Window):

On Thursday, the exchange rate between the Naira and the United States Dollar (USD) was N736.62/$1.
On Friday, the exchange rate remained stable at N736.62/$1.
The exchange rate during trading on Friday ranged between N715.80/$1 (low) and N799.90/$1 (high).

Foreign Exchange Transactions:

On Friday, authorized dealers and their clients transacted $153.55 million worth of forex, which is a significant increase of $87.12 million (131.14%) compared to the previous day's transactions.

Black Market:

In the black market, the average exchange rate for the US Dollar increased to N922.65/$1, compared to N912.5/$1 the day before.
The value of the British Pound also rose in the parallel market to N1168.9/£1, appreciating by N15.4 kobo from N1153.5/£1.
The average price of the Euro increased by N10.8 kobo, rising from N990.9/€1 to N1001.7/€1 during trading on Friday.

Please note that exchange rates can fluctuate, and it's advisable to check for real-time rates if you need the most up-to-date information.

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