Fakoyejo Olalekan
Investors and exporters traded $68.10 million in foreign exchange on Tuesday, dropping the value of transactions by 30.28 per cent.
This represents a shortfall of $29.59 million, as foreign exchange traders recorded a $68.10 million forex transaction in the official market, against the $97.69 million traded on Monday.
Join our WhatsApp ChannelThe value of transactions fell following an increase in the price of the United States Dollar (USD), which was sold at the rate of N788.42/$1.
Prime Business Africa gathered from FMDQ Exchange data that the price of the dollar was raised by N44.35 kobo or 5.96 per cent, from the previous day’s N744.07/$1 rate.
But the data revealed that the day’s highest and lowest rates are N803/$1 and N730/$1, respectively, before the naira to dollar closed at N788.42/$1.
The surge in the dollar rate extended into the black market where the naira was exchanged for the dollar at the average rate of N790.8/$1.
This is N7.4 kobo or 0.9 per cent more than the N783.4/$1 average rate that was placed on the United States Dollar during trading the previous day.
Also, the British pound cost more during trading on Tuesday, as currency was placed on sale at an average rate of N1034.6/£1, compared to the N1019.2/£1 rate reported the day before.
The euro followed in the same footstep, with the price of the European currency rising from the average rate of N871.6/€1 to N884.7/€1 on Tuesday.
