Naira to Dollar USD Exchange Rate Improves to N448 on Black Market

Naira to Dollar USD Exchanged at N448 on Black Market on Monday

Naira to dollar USD exchange rate improved on the black market on Monday following the surged in business activities.

The Naira gained N2 against the US dollar to settle at N448 on Monday, up from the N450 it traded earlier in the day.

Against the British pounds, the local currency rose by N5 to N545, better than the N550 it traded earlier in the day or on Friday.

However, the Naira slid against the Euro single currency by N8 to settle at N480 from N472 it was exchanged earlier on Monday.

On the Investors and Exporters Fx Window published by FMDQ group, the Naira slid from N386.89 it traded on Friday to close at N387.33 on Monday after opening the day at N385.95. This declined in the foreign exchange rate on the I&E Fx Window is likely due to the drop in volume traded from about $112 million on Friday to $14.66 million on Monday.

The local currency moderated on the parallel market, known as the black market, because of the expected resumption in sales of the US dollar to bureau de change. The Central Bank of Nigeria had announced it would commence the sales of dollars to the bureau de change operators in the country to better deepen business activities and fast track economic recovery.

Traders are optimistic that the resumption of sales would ease scarcity brought about by COVID-19 lockdown and improve importation.