Naira to dollar exchange rate now N618/$1

The poor performance of the Nigerian currency continued at the Black market segment of the foreign exchange (forex) market.

On Monday morning, visits to where black market traders were spotted in Lagos showed Naira depreciated against the American Dollar to N618 opening more windows for traders to rack in millions.

However, it was a better performance at the Investors and Exporters (I&E) window, where Naira is officially traded.

FMDQ securities reports that the Nigerian currency appreciated against the US Dollar on Friday by 0.24 percent or N1 to sell at N419.00/$1 in contrast to Thursday’s value of N420.00/$1.

Naira’s good performance at the official market happened thanks to the availability of forex for participants.

Transactions worth $169.38 million were carried out on Friday last week compared with the $160 million reported a day earlier, implying a 5.9 percent or $9.38 million increase in forex trades.

CBN data also revealed that Naira appreciated against the Pound Sterling and the Euro.

Naira gained N6.76 against the British Pounds to trade at N507.33/£1 compared to the previously traded rate of N514.09/£1.

It also appreciated against the Euro by N7.04 to finish at 431.87/€1 in contrast to the previous day’s N438.91/€1.