Dollar, Pound, Euro Prices Crash In Black Market, USD Opens At N769 In Official Window

Dollar, Pound, and Euro Prices have crashed in the Black Market and USD opened at N769 in the official window.

CityNews Nigeria reports that the price of the United States Dollar dropped slightly by N2.3 kobo or 0.3 per cent in the Bureau De Change window of the black market on Friday.

This Nigeria News Platform gathered that the average rate of the USD offered by the Bureau De Change operators was N764.3/$1, down from the N766.6/$1 rate reported on Tuesday by Naira Rates, a parallel market aggregator.

The foreign exchange rates were not reported on Wednesday and Thursday due to the public holiday held on these days to celebrate the Eid-el-Kabir festive.

Also, the British pound depreciated against the naira by N11.9 kobo or 1.19 per cent to N980.9/£1. The day before, the BDC operators offered the pound at N980.9/£1 rate. 

The average rate of the euro was also reduced in the black market, with the European currency trading in the BDC window at N843.2/€1, against the N852/€1 the EU currency was placed on sale on Tuesday. 

While the foreign exchange depreciated in the black market, the price of the American greenback was increased in the official window. 

The dollar rate in the investors’ and exporters’ window of the official market closed at N769.25/$1 on Friday, up from the N763/$1 rate the USD and the naira exchanged on Tuesday. 

Prior to the naira to dollar rate closing at N769.25/$1, the authorised dealers and their clients had traded both currencies at a high of N841/$1 and a low of N461.50/$1. 

At various prices, the total foreign exchange transacted in the investors’ and exporters’ window was $263.45 million, the FMDQ Exchange, an official market aggregator, disclosed.

The foreign exchange traders increased the transactions by $17.8 million or 7.24 per cent, from the $245.65 million traded on Tuesday.