As the Nigerian Naira continues to strengthen against foreign currencies like the United States Dollar (USD), Great Britain Pound (GBP), European Euro (EUR), Canadian Dollar (CAD), Australian Dollar (AUD) and several others, CONVERSEER gathered that the local currency is performing better at the Black Market also known as the Bureau De Change (BDC) than the Official Market (Central Bank of Nigeria, CBN rate).
As of Tuesday afternoon, banks like GTBank were buying the USD at N1,130.00 and selling at N1,140.00. GBP was trading at N1,381.199 (buy) and 1,439.022 (sell) while EUR was trading at N1,176.217 (buy) and N1,232.226 (sell).
Otter banks selling at the official CBN rate were trading USD for N1161.71, GBP for N1446.45, EUR for N1234.79, and Swiss Franc (CHF) for N1271.02.
Others are Japanese Yen (JPY) for N7.53, West African CFA Franc (XOF) for N2.01, West African Unit of Account (WAUA) for N1629.48, Chinese Yuan (CNY) for N160.48, Saudi Riyal (SAR) for N309.69, and South African Rand (ZAR) for N60.19.
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Meanwhile, for Black Market (BDC), USD is trading for N1100 (buy) and N1115 (sell), GBP for N1420 (buy) and N1470 (sell), EUR for N1200 (buy) and N1250 (sell), CAD for N900 (buy) and N950 (sell), and AUD for N660 (buy) and N750 (sell).
Others are ZAR for N50 (buy) and N70 (sell), CNY for N120 (buy) and N150 (sell), XOF for N1700 (buy) and N1900 (sell), UAE Dhiram (AED) for N250 (buy) and N320 (sell), Ghana Cedi (GHS) for N70 (buy) and N90 (sell), and Central African CFA Franc (XAF) for N1400 (buy) and 1750 (sell).