Forex transactions increase, as official dollar rate falls in I&E window

At the end of business hours on Wednesday, the official dollar rate in the investors’ and exporters’ (I&E) window depreciated slightly by N5.93 kobo.

This shows the naira appreciated in value by 0.75 per cent, considering the naira to dollar exchange rate on Tuesday was N788.42/$1 but closed at N782.49/$1 a day after.

Note that before the investors’ and exporters’ window closed, the highest rate of the day was N806/$1, while the lowest rate was N690/$1.

Regardless of the fluctuation, foreign exchange traders’ total transactions increased to $90.52 million, data obtained from the FMDQ Exchange showed.

They increased their transaction value by $22.42 million, which is 32.9 per cent higher than the $68.10 million worth of forex traded the previous day.

However, data from Naira Rates, a black market aggregator, disclosed that the dollar cost N793/$1 in the Bureau De Change window.

The price of the United States Dollar was raised from the average rate of N790.8/$1 reported during trading the preceding day.

It was also mentioned that the pound stepped up in value, as the naira remained weak against the British currency which traded at an average rate of N1043.1/£1, against the N1034.6/£1 rate posted the day before.

According to the data, persons or businesses that patronised the black market also bought the euro at a higher rate of N888.6/€1, up from N884.7/€1.

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