Naira value drops by N50, gap widens in official, black markets

The naira devalued by 6.83 per cent in the Investors’ and Exporters’ window on Wednesday, as the price of the United States Dollar (USD) was increased by N50.77 kobo.

FMDQ Exchange, the official market rate aggregator, disclosed that at the end of trading, the naira to dollar rate was N793.70/$1.

This means the USD cost buyers more on Wednesday than the American greenback did on Tuesday when the price was N742.93/$1.

However, the United States currency reached a peak of N853/$1 before trading closed, but the dollar exchange rate also hit the day’s lowest level of N699.50/$1.

The aggregator also reported that the foreign exchange traders transacted $87.19 million worth of forex in the Investors’ and Exporters’ window

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