Dollar at black market hits N1000/$, as FX dealers trade at N755 in official market

The naira appreciated in the investors’ and exporters’ window of the official market on Tuesday after the dollar rate settled at N755.08/$1 by end of trading hours.

According to FMDQ Exchange, the naira to dollar rate contrasted with the N773.25/$1 reported at the close of trading on Monday

The authorised dealers brought the price of the dollar down by N18.17 kobo. This indicates the value of the Nigerian currency appreciated by 2.34 per cent.

But before the official foreign exchange market closed on Tuesday, the authorised dealers and their clients traded the dollar at a high rate of N851/$1 and low price of N700.

Meanwhile, in the black market, the naira depreciated in value by N5, as the price of the United States currency increased from N995 l/$1 to N1000/$1.

The price of the pound was also increased in the parallel market, as it cost buyers N1265/£1, compared to the N1260/£1 the British currency was sold the previous day.

Forex dealers in the black market also hiked the cost of the euro, after the European currency was offered to the public at the rate of N1055/€1, up from N1045/€.

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