Cost Of Dollar Falls In Black Market, Investors Trade More USD

The value of the United States Dollar (USD) dropped in the black market on Monday, 27 February 2023, as the Naira appreciates by 0.26 per cent.

It was gathered that the cost to buy one Dollar fell by N2, with the greenback selling for N758 in the Bureau de Change window of the parallel market.

During the previous trading session of the black market, the cost of buying a Dollar in the Bureau De Change window hovered above N760, according to Nairametrics. 

Note that in the official market on Friday, 24 February 2023, the exchange rate between the Naira and the Dollar was placed at N461.17 kobo/$1. 

The exchange rate in the official market, backed by the Central Bank of Nigeria (CBN), had depreciated from N461.33/$1 reported on Thursday, 23 February 2023. 

This means the value of the United States currency dwindled by N0.16 kobo or 0.03 per cent during trading in the official window. 

Before the exchange rate closed at N461.17 kobo on Friday, the value of the Dollar had increased to as high as N462.03, and also depreciated to as low as N446. 

According to data obtained from FMDQ Securities, it was revealed that foreign exchange (Forex) traders traded $153.30 million worth of forex.

This is a 39.02 per cent increase in the value of forex transacted between Thursday and Friday. It indicates that traders exchanged $43.03 million worth of forex on Friday more than they did the previous session.