Naira Gains Against Dollar At Official Market, Crashes At The Black Market

Naira gained against the US dollar opening at N414.05/$1 at the official Investors and Exporters (I&E) window on Friday, this represents a 0.09% gain when compared to the closing rate on Friday.

Naija News reports that the Nigerian official currency, Naira, gained against the United States dollar, on Friday closing at N415.10/$1

According to the data at the FMDQ Security Exchange where forex is traded officially, exchange rate between the naira and the US dollar opened at ₦414.05/$1 on Monday 13th, after it closed at ₦415.10 to a $1 on Friday, 10th December 2021.

However, a survey conducted by Naija News at some Bureau De Change (BDC) markets in Lagos, Nigeria’s commercial city on Sunday evening, December 12, shows that the naira depreciated against the US dollar exchanging at N575/$1 on the black market. This represents an N5 drop when compared to the N575/$1 that was recorded in the previous trading session.

The local currency depreciates at the official market as the forex turnover drops significantly by 84% during Friday’s trading session.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	570
Selling Rate	575

Meanwhile, Nigerians who invested in five banks should be excited as the value of their investment rose by N151 billion.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks grew to N2.61 trillion to appreciate by 6.1% during the week.

Those with shares if GTCO would be particularly happier as they recorded the biggest amount during the period (Monday, December 6 to Friday, December 10) to set a perfect tone.

First Bank’s shareholders got N7.17 billion after the bank’s stock price appreciated by 1.70 percent, lifting its market value to N427.15 billion from N419.97 billion.

The United Bank for Africa Plc closed with N18.80 billion as the bank’s market capitalization rose from N256.49 billion to N275.30 billion during the week.

While Zenith Bank market capitalization increased by 8.51 percent during trading to rise from N737.81 billion to N800.61 billion.

Access Bank joined the party with a market capitalization increase of 5.17 percent after adding N15.99 billion to its total investment this week.

GTCO shareholders smiled home with N75.04 billion as total investment rose from N704.87 billion to N779.92 billion in five days.