Bureau De Change (BDC) operators in Nigeria have quoted new exchange rates for the British pound and euro as the country marks Eid-ul-Adha.
Traders who spoke to TimesNow.com.ng revealed that the British pound sells for N1,850 in the black market, also known as the parallel market, on Sunday, June 16, 2024.
Meanwhile, the euro was exchanged at N1,580 on the black market.
The new exchange rates are an improvement compared to the N1,890 and N1,610 quoted as the buying rates for the British pound and euro, respectively, on Friday, June 14.
A BDC trader, Abdullahi Lagos, told TimesNow.com.ng that the new exchange rate is due to the less pressure in the market.
He said:
It was the same story for the naira in the official market against the dollar.
FMDQ Securities data shows that the value of the naira closed strong against the dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
TimesNow.com.ng reported that the naira fell on Friday by 0.44%, or N6.48, to close at N1,482.72/$1, in contrast to the previous day’s N1,476.24/$1.
The official market will resume on Wednesday after the public holiday.
Earlier, TimesNow.com.ng reported that the foreign reserves had increased significantly in the first ten days of June.
The rise in FX reserves will give CBN more firepower to intervene in the forex market and ensure the stability of the naira exchange rate.
Dollar supply has always been a major reason for naira depreciation due to demand pressure from companies and travellers.
Source: TimesNow.com.ng
