Dollar rate up in official window, black market traders drop price

The naira depreciated by 3.32 per cent on Thursday, as the United States Dollar (USD) closed at N762.71/$1 in the Investors’ and Exporters’ window of the official market.

This is according to report released by FMDQ Exchange, the official market aggregator, which stated that the exchange rate between both currencies closed at N738.18/$1 rate on Wednesday

Based on the report, the naira to dollar highest exchange rate of the day was N799.90/$1, while the lowest rate was put at N720/$1 before the curtain was pulled down on N762.71/$1.

The increase in the dollar rate saw a dip in the foreign exchange transactions recorded, as over $85.79 million worth of forex was traded, compared to the preceding day’s $170.15 million.

This is a 49.57 per cent or $84.36 million decline in the total foreign exchange transactions reported in the Investors’ and Exporters’ window

In the black market, the average dollar rate was N905.9/$1, indicating the naira appreciated in value by 1.54 per cent, considering both currencies were exchanged at N920.1/$1 the day before

Similarly, the pound was placed on sale at an average price of N1167 6/£1 in the black market. The value of the British currency depreciated by N10 from the N1177.6/£1 offered on Wednesday.

The European currency, the euro, also depreciated in value in the parallel market according to Naira Rates, a black channel aggregator, which stated that the euro’s average rate dropped to N1000.7/€1 from N1009.52/€1

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