USD price slumps in official window, rises in black market

The official market closed Thursday’s foreign exchange trading with N738/$1 rate, as the authorised dealers of the Central Bank of Nigeria (CBN) reduced their asking price by N32.71 kobo.

During trading in the investors’ and exporters’ window the previous day, the dollar rate closed at N770.71/$1. This reveals the naira appreciated in value by 4.24 per cent

However, at some period during the session on Thursday, the exchange rate between the naira and the United States currency hit a peak of N799.90/$1 and also slumped to a low of N701/$1.

Following the reduction in the exchange rate, the total value of foreign exchange increased significantly by $218.68 million, which is higher than the $64.36 million reported the preceding day.

This represents an uptick of $154.32 million or 239.77 per cent in the investors’ and exporters’ window, of the official market, according to forex data obtained from FMDQ Exchange

Also, AbokiFX, a black market aggregator, reported that the American greenback increased in value to N990 per dollar, rising from the previous day’s N980/$1 rate

The parallel market also recorded a surge in the price of the United Kingdom currency, the pound, which was placed on sale at the cost of N1245/£1. This is a N10 hike in the price of the British currency, which was N1235/£1 on Wednesday.

Similarly , the European currency, the euro, was sold at an average price of N1040/€ in the black market, raising the price by N10, compared to the N1030/€1 rate posted the day before

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