These are the opening trading rates of the dollar, pound, euro in the Lagos Black Market today January 11, 2017.
Dollar Exchange Rate to Nigeria Naira Exchange Rate in the black market: 487/ 492
Euro Exchange Rate to Nigeria Naira Exchange Rate in black market today: 500/ 510
Pound Sterling Exchange Rate to Nigeria Naira Exchange Rate in black market: 585/ 595
The Nigeria’s naira is seen strengthening in the near term.
Analysts at Cowry Assets, a Lagos based investment firm, predict stability of the Naira this week, following steady rise in the nation’s foreign reserves.
According to the CBN the foreign reserve rose further by $373 million to $26.22 billion on Wednesday January 5th, from $25.84 billion on Thursday December 30, 2016.
“This current week, we expect stability of the Naira exchange rate as the increasing reserve spur confidence on the ability of the Central Bank of Nigeria (CBN) to intervene more aggressively in the official market window”, said Cowry Asset analysts.
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