Dollar rate drops at official market, USD, euro rise in black market

The dollar rate continues to depreciate in the official market, as the average price of the United States currency closed at N763/$1 on Tuesday.

Authorised dealers reduced the naira to dollar exchange rate by N5.17 kobo, from the previous day’s N768.17/$1, indicating the value of the naira increased by 0.67 per cent

Note that prior to the naira to dollar rate closing at N763/$1, authorised dealers and their clients traded both currencies at N841/$1, the day’s peak, and at a low rate of N467/$1.

Furthermore, foreign exchange traders transacted $245.65 million worth of forex by the end of business in the investors’ and exporters’ window.

Recall that the previous day, both the authorised dealers and their clients traded $198.13 million in foreign exchange in the official market.

This means the value of foreign exchange transacted on Tuesday in the investors’ and exporters’ window increased by $47.52 million or 23.9 per cent.

Meanwhile, the naira to the dollar exchange rate in the black market appreciated to N766.6/$1, from the N764.3/$1 rate offered the day before.

The pound was sold at an average rate of N992.8/£1, according to Naira Rates, the black market aggregator. The price of the British currency depreciated slightly from N993.7/£

However, the average exchange rate for the conversion of the naira to the euro in the parallel market was N852/€1, inching higher from N850/€1.

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