Oddbean

Naira gains against pound, euro in black market, BDC gives new exchange rate ========== The Nigerian currency has appreciated against the British pound and the euro in the foreign exchange market. BDC traders are selling pounds and euros at a new exchange rate as the naira appreciates. The British pound currently sells for N1,850 in the black market, while the euro exchanges at N1,580. The new exchange rates are an improvement compared to the previous rates. The appreciation of the naira is attributed to reduced pressure in the market during the Eid-ul-Adha holiday. The official foreign exchange markets will be closed on Monday and Tuesday and will resume on Wednesday. The Central Bank of Nigeria's decision will determine the future exchange rates. In the official market, the naira closed strong against the dollar, but fell slightly on Friday. The rise in foreign reserves gives the Central Bank more firepower to intervene in the forex market and stabilize the naira exchange rate. The CBN has also adjusted customs exchange rates for cargo clearances as the dollar, pound, and euro crash against the naira. #Naira #BritishPound #Euro #BlackMarket #Bdc #ExchangeRate #CentralBankOfNigeria #ForeignReserves #ForexMarket #CustomsExchangeRates https://www.legit.ng/business-economy/money/1597658-good-news-pounds-euro-crashes-naira-black-market/