Pound Sterling Hits N1000 Exchange Rate Against Naira on Black Market

Afaf Fahchouch
Afaf Fahchouch
1 Min Read

The British Pound Sterling has maintained a steady exchange rate of over N1000 to £1 on the black market for the past five days, as reported by Nairametrics. This significant shift comes in response to the introduction of a revised investor and exporter window by the central bank, according to the report.

On July 10th, 2023, the average exchange rate for the Naira against the British Pound was recorded at N1025/£1, representing a 0.49% decrease from the previous trading day’s rate of N1020/£1. Meanwhile, the Naira held its value against the Euro, closing at N850/€1 on the same day, with no change from the previous session.

Data from the central bank’s weighted average rates of forex reveals that on July 7th, 2023, the Pound was trading at N1008/£1, marking an increase from its value of N978.7 at the end of June 2023. These fluctuations in currency exchange rates reflect the ongoing dynamics and market forces influencing the value of the Naira against major international currencies.

Afaf Al Fahchouch

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