'No more N990/$': Naira fall continues against US Dollar at official market, worse in black markets

Naira is starting the new week on a negative note after losing more value against the dollar at both the official and black market foreign exchange markets.

Data from FMDQ securities shows that the naira at the investors and exporters window, which is the official market, closed trade at N773.54 to a dollar exchange rate.

Monday's closing rate at the I&E window represents a depreciation of 31.69% when compared to Friday's rate of N741.85/$ from Friday, October 6, 2023.

The rate also means that the Naira reversed its gains earned on Friday after improving from N775.20 quoted on Thursday, according to data from the FMDQ.

Naira to dollar exchange rate at black market

It was the same story at the parallel market, popularly called the black market, as the Naira lost more value after relative ease.

AbokiFX reports that one dollar was sold for N1,008 on Monday, as against N990 on Friday last week. This represents a 1.30 per cent fall against the dollar.

Also, at the Peer-to-Peer market, the rates mostly used by Fintech companies show the naira exchanged to the dollar on Monday sold at N1,017.2 a dollar.

Naira against Pounds, Dollar

For the Pound Sterling, the CBN (Central Bank of Nigeria) reported that the value of the Naira at the interbank market closed at N927.40/£1 on Monday.

The Euro was being sold at N806.20/€1.

However, street traders offered different rates. Nigerians looking to travel to the UK would have to pay N1,260/£1, while those heading to European countries would pay N1,050/€1 for the Euro.