Naira to Dollar stable in black market, as rate goes up in official market

The Naira exchanged for the Dollar at N752.8 kobo/$1 on Tuesday in the Bureau De Change window of the black market.

Data provided by Naira Rates, a foreign exchange rate aggregator, showed there was no change to the rate between the Naira and the Dollar, as the forex rate had traded around N752.8 kobo/$1 on Monday

In the official market, FMDQ Exchange revealed that investors and exporters bought the Dollar at a rate of N464.42 kobo/$1 yesterday

This was an increase from the N463.5 it was sold the previous day, indicating the Naira fell in value by N0.92 kobo or 0.19 per cent

During trading on Tuesday, over $215.91 million foreign exchange was transacted in the investors’ and exporters’ window of the official market.

Traders raised their value of foreign exchange transactions from the $106.84 million traded the preceding day.

This means investors and exporters bought $109.07 million more of foreign exchange than they did on Monday, which is a 102.08 per cent increase

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