Price of dollar drops in official market, stays flat in black market

FMDQ Exchange reported that the official exchange rate between the naira and the United States Dollar (USD) closed Wednesday’s trading at N741.64/$1.

The price of the dollar depreciated by N47.44 kobo at the end of the session, compared to the N789.08/$1 reported on Tuesday

Although, the report said the authorised dealers had demanded as much as N804/$1 and as low as N700/41 before trading closed.

They increased the value of transactions by $66.79 million or 99.19 per cent, indicating supply increased significantly for the first time this week.

Meanwhile, according to Naira Rates, the price of the dollar in the black market was flat at N865.3/$1, a similar rate offered on Tuesday.

However, the average naira to pound rate dropped to N1122.1/£1 in the parallel market, against the N1124.3/£1 rate reported the previous day.

Although the cost of the euro inched higher from N963.1/€1 to N964.3/€1, according to Naira Rates, indicating the naira depreciated by 0.12 per cent.

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