Dollar rate drops at official market, USD, euro rise in black market
![Dollar rate drops at official market, USD, euro rise in black market](https://i0.wp.com/springnewsng.com/wp-content/uploads/2023/06/Naira-dollar-euro.jpg?fit=650%2C350&ssl=1)
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.