Naira Exchange at Lower Rate on the Black Market
The Naira was exchanged at N450 to a US dollar on Wednesday at the black market, according to Investors King‘s daily Naira Rates.
This was N2 lower than the N448 it traded on Tuesday.
Similarly, the local currency lost N3 against the British Pound from the N545 it was sold at the parallel market on Tuesday to N548 on Wednesday.
This decline continues against the Euro single currency as the Nigerian Naira declined further to N485, N5 lower than the N480 it was exchanged on Tuesday and N13 lower than its Monday’s rate.
On the Investors and Exporters Forex Window, the Naira improved from N387.08 it traded on Tuesday against the US dollar to N386.94 on Wednesday. This was slightly below the N386.96 it opened the day and N375, its lowest exchange rate for the day.
Also, the daily turnover rose by 50 percent from $31.81 million on Tuesday to $62.28 million on Wednesday. The surge in liquidity at the I&E Fx Window might explain the slight improvement in the Naira exchange rate.
However, the Central Bank of Nigeria’s official exchange rate remains N361 to a single US dollar.