Fakoyejo Olalekan
The official market dollar rate on Tuesday was N742.93 kobo/$1 by the end of the session, which is below the N795.28 kobo posted on Monday.
This means authorised dealers in the Investors’ and Exporters’ window were willing to drop the price of the United States Dollar by N52.35 kobo.
Join our WhatsApp ChannelBut before they did, the rate of the official market’s authorised dealers peaked at N831/$1 and also hit a low of N707.99 kobo/$1.
Regardless of the prices the foreign exchange traders were willing to transact, the authorised dealers sold $156.29 million worth of forex.
They increased foreign exchange supply by $121.74 million or 352.35 per cent, considering the day before, the forex traders in the official market had traded $34.55 million.
As the official market dollar rate fell farther below the N800 mark, the black market continued to rise above it, opening N67.07 gap between both markets.
Prime Business Africa gathered that the parallel market, monitored by Naira Rates, exchanged the United States Dollar at an average rate of N810/$1.
The Bureau De Change window rate inched higher by N5.2 kobo from the N804.8 kobo/$1 the American greenback was offered the preceding day.
A steep price was paid for the British currency, the pound, as it was exchanged at an average rate of N1075.4/£1. The previous day, the naira to pound rate was N1068.5/£1.
Also, the European currency, the euro, became costlier in the black market, rising from the N916.1/€1 rate offered on Monday to N923.6/€1.
