Dollar hovers between N700 and N844/$1 at official market

The naira to dollar exchange rate settled at N768/$1 in the Investors’ and Exporters’ window on Thursday, as the naira appreciated by 3.21 per cent.

Ripples Nigeria noted that the asking price of the United States Dollar dropped by N25.54 kobo at the close of trade compared to the N793.70/$1 rate on Wednesday.

This shows the naira to dollar rate in the official market fell between N700/$1 and N844/$1, both of which were the lowest and highest prices for the day.

However, the dip in the price of the dollar didn’t encourage more buys or supply drop during trading, Ripples Nigeria gathered.

This is as foreign exchange transactions of investors and exporters dropped by 33.22 per cent in the official market, FMDQ Exchange reported.

The value of the transaction dropped further to $58.22 million, which is $28.97 million lower compared to the $87.19 million worth of forex recorded the day before.

Although at the black market, the dollar appreciated against the naira, as the average price was put at N859.3/$1, up from N816.6/$1.

Also, the rate of the British pound was raised in the Bureau De Change window to N1125/£1. The pound increased in value by N34.87 from N1090.13/£1.

The European currency, the euro, was sold at the rate of N976.1/€1 in the parallel market. The previous day, the naira to euro rate was N937.4/€1.

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