Naira gains against Dollar in official market, hits N750 in black market

Investors and exporters in the official market saw the cost of the Dollar close at N462.33/$1 on Friday, against the N462.73/$1 they exchanged for the Naira on Thursday.

The cost of the Dollar depreciated slightly by N0.4, with the value of the Naira inching higher by 0.08 per cent, according to the foreign exchange (forex) data obtained from the FMDQ Securities Exchange.

Note that prior to the foreign exchange rate closing at N462.33 kobo, traders in the official market had exchanged the Dollar at a high and low rate of N467/$1 and N460/$1 respectively during trading.

Nevertheless, investors and exporters recorded $161.91 million in foreign exchange transactions on Friday, which is below the $164.12 million forex transacted on Thursday.

This is a $2.21 million or 1.34 per cent drop in the value of foreign exchange transacted by the traders in the official market, based on the forex data.

Meanwhile, in the black market on Monday morning, traders who spoke to our correspondent said the Naira to Dollar exchange rate was N750/$1.

However, the Bureau De Change operators gave different prices for the exchange of Naira to Pound, with the black market rate falling between N920/£1 and N940/£1.

By Olalekan Fakoyejo