Authorised dealers in official and black markets increase dollar, euro, pound rates

FMDQ Exchange reported the official exchange rate between the naira and the dollar closed at N761.32/$1 on Monday, contrasting with Friday’s N739.52/$1.

The rate of the United States currency increased by N21.8 kobo and the value of the Nigerian currency depreciated by 2.94 per cent in the official market.

Before the official market closed, the highest rate the authorised dealers and their clients traded the dollar was N799.90/$1, but it was also exchanged at the lowest rate of N700/$1.

Both the authorised dealers and their clients transacted $64.93 million in foreign exchange, reducing the value of transactions on the back of an increased dollar rate

The value of foreign exchange transacted in the Investors’ and Exporters’ window dropped by $65.99 million or 50.4 per cent from the preceding day’s $130.92 million

In the Bureau De Change window of the black market, the dollar rate increased to N874.3/$1. The price of the USD rose from the previous day’s N832.9/$1.

Also, the value of the pound appreciated by N54.2 kobo in the parallel market to N1129.6/£1, compared to the average rate of N1075.4/£1 reported on Friday.

In the same vein, the European currency, the euro, exchanged at an average rate of N965.2/€1, against the previous day’s N918.4/€1.

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