UK Pounds Sells Above N1,000/£1 At Black Market For 5 Straight Days

 

UK Pounds Sterling has exchanged over N1000 to £1 for the last 5 days on the black market, according to Nairametrics.

 

This followed the central bank's decision to introduce a revised investor and exporter window, the report stated.

 

The local currency depreciated slightly against the British Pound on July 10th, 2023, as the average exchange rate was N1025/£1, a 0.49% decrease from N1020/£1 on the previous trading day.

 

The Naira maintained its value against the Euro, closing at N850/€1on Monday, unchanged from the previous session.

 

On July 10th, 2023, the Naira depreciated 0.32% against the US dollar on the cryptocurrency peer-to-peer exchange market, closing at N790.67/$1.

 

Trading data from the central bank’s weighted average rates of forex also shows the pounds trading at N1008/£1 as of July 7th, 2023. It was N978.7 at the end of June 2023.