Dollar falls to N475 in official window, heads towards N1000 in black market

The value of the United States Dollar (USD) fell to a low of N475/$1 on Wednesday in the investors’ and exporters’ window of the official market, FMDQ Exchange has revealed.

Also, the rate of the dollar rose to a high of N799.90/$1 during trading, before closing the session at N770.71/$1. The closing rate was slightly below the N776.60/$1 rate recorded on Tuesday

At the end of the session, authorised dealers and their clients recorded $64.36 million in foreign exchange, falling below the $71.01 million worth of forex traded the preceding day.

The foreign exchange traders recorded a decrease of $6.65 million or 9.63 per cent in the value of forex transacted in the investors’ and exporters’ window.

Meanwhile, the dollar rate in the black market was N980/$1 on Wednesday, as the Bureau De Change operators increased their asking price from the N965/$1 offered the previous day.

Also, the parallel market exchange rate between the naira and the pound was increased to N1235/£1. The value of the British pound appreciated from N1230/£1, representing an increase of N5.

The black market traders transacted the euro at a rate of N1030/€1, rising slightly by N5, from the N1025/€1 rate offered the previous day, AbokiFX reported in its parallel market data.

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