See latest naira exchange rate against dollar, pound, euro at black markets

• The value of the Nigerian currency, the naira, depreciates against the US dollar in the unofficial markets
• Street currency traders and fintech companies quoted new exchange rates for the dollar on their platforms
• Nigerians will be hoping for better performance given the increased foreign exchange supply available to the CBN

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Bureau de Change operators increased the selling exchange rate for the US dollar in the black market, also known as the parallel market.

According to traders who spoke to Legit.ng on Wednesday morning, a dollar sells for N1,501 in the black market.

Naira depreciates against US dollar Photo credit: Bloomberg/contributor
Source: Getty Images

This is higher than the N1,490.1 quoted on Tuesday, June 18, during the last day of public holidays to mark this year's Eid-ui-Adha celebration.

Abudulahi, a BDC trader, told Legit.ng:

Financial tech companies such as Chipper cash are quoting N1,654.8 exchange rate to sell dollar to customers.

Naira to pounds and euro

It is a different story for the British pound and the euro, as they depreciated against the naira on Wednesday morning.

Checks by Legit.ng with different BDC traders on Wednesday, June 19, showed that one British pound can be bought for N1,880, while the exchange rate for the euro is put at N1,580.

These exchange rates are an improvement compared to the N1,890 and N1,597.39 rates for the pound and Euro, respectively, on Tuesday, June 18.

Naira expected to improve

The value of the Nigerian currency is predicted to improve in the coming days due to the increased foreign exchange supply now available to the Central Bank of Nigeria.

Legit.ng had earlier reported that on June 6, 2024, African Export-Import Bank (Afreximbank) announced the release of an additional $925 million for Nigeria's oil-backed prepayment facility.

The funds are part of the $3.3 billion loan from the Afreximbank and have been deposited into the Project Gazelle Funding account to help stabilise the foreign exchange market

CBN issues new directives on street trading

Legit.ng previously reported that the CBN banned street trading of foreign currencies by Bureau de Change (BDC) operators, citing the need to regulate the foreign exchange market properly.

CBN's director of risk management, Blaise Ijebor, said street trading of foreign currencies is not allowed as the apex bank does not want BDCs under trees.

He said the traders should be in offices where customers can come in and change their currencies.

Source: Legit.ng