Naira to dollar rate hits N800 in official window, crosses N900 in black market
The authorised dealers increased the price of the United States Dollar (USD) to N800/$1 on Monday, the highest rate of the American greenback during trading in the official market.
Although the price of the dollar also went as low as N740.59/$1 before closing at N772.12/$1, which is lower than the N778.42/$1 rate reported at the close of trading
During trading in the official market, investors and exporters recorded $40.21 million in foreign exchange transactions, compared to the $73.80 million transacted on Friday.
According to the foreign exchange data report obtained from the FMDQ Exchange, forex traders dropped the value of their transactions by $33.59 million or 45.51 per cent.
In the black market, dollar rate crossed N900 during trading, as it was offered at an average rate of N903.5/$1. This contrasted with the N898.6/$1 rate the United States currency went for on Friday.
Also, the United Kingdom’s currency, the pound, appreciated in value against the naira in the parallel market, as both currencies exchanged at an average rate of N1152.9/£1, rising from N1146.7/£1 rate.
This is according to the black market aggregator, Naira Rates, which reported an increase in the euro as well, having traded at an average rate of N988.3/€1, up from N983/€1.
