Authorised dealers drop dollar rate in official market, BDCs maintain USD hike

On Wednesday, the authorised dealers reduced the exchange rate between the naira and the United States Dollar (USD) by N51.42 kobo.

The reduction shows the value of the Nigerian currency increased by 6.49 per cent, as the dollar rate dropped to N740.08/$1 from N791.42/$1

Note that before the price of the dollar dropped, both currencies exchanged at a low of N730/$1 but also hit a peak of N800/$1.

The drop in the value of the dollar encouraged an increase in the foreign exchange traded before the curtain closed on trading.

This was disclosed by the FMDQ Exchange, which revealed that the value of foreign exchange transactions rose to $153.28 million

During trading the previous day, the authorised dealers and their clients had recorded $51.55 million in foreign exchange, which indicates forex supply increased by $101.73 million.

In the black market, the average price of the USD slightly rose by N5.8 kobo to N857.1/$1 on Wednesday, from the N851.3/$1 reported on Tuesday.

Likewise, the value of the British currency, the pound, rose to N1121.6/£1, according to the Naira Rates, a parallel market aggregator. The day before, the UK currency exchanged at N1110.2/£1

The black market aggregator also reported that the exchange rate between the European currency, the euro, and the naira was N962.2/€1, up from N956.7/€1.

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