Dollar rate hiked at official window, drops in black market

Investors and exporters in the official market were offered the United States Dollar (USD) at the range of N804.15/$1 and N722.39/$1 during trading on Monday.

These were the highest and lowest rates the dollar traded in the Investors’ and Exporters’ window, according to report obtained from the FMDQ Exchange.

Although the report also stated that the American greenback eventually closed at N773.50 per dollar, compared to the N736.62/$1 rate reported on Friday.

This indicates the authorised dealers increased their asking price by N36.88 kobo. This also shows the naira depreciated in value by 5 per cent.

As the dollar rate increased, the value of foreign exchange transactions in the Investors’ and Exporters’ window dropped by $115.69 million.

This is a decrease of 75.34 per cent, as the foreign exchange traders transacted $37.86 million worth of forex on Monday, significantly below Monday’s $153.55 million.

In a report released by Naira Rates, a black market aggregator, the naira exchanged to the dollar at an average of N917.5/$1 rate, dropping from N922.65/$1.

Also, the pound was sold at an average of N1162.5/£1 rate in the black market. Forex dealers traded the British currency below the N1168.9/£1 posted on Monday

The forex traders also recorded a decline in the parallel market rate of the European currency, the euro, as it fell from N1001.7/€1 to N996.2/$1.

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