Fakoyejo Olalekan
The price of the United States Dollar was reduced by N33.43 kobo at the end of trading in the official market on Friday, as it closed at N743.07/$1.
Prime Business Africa gathered that the reduction in the dollar rate showed the naira appreciated by 4.3 per cent in value when the USD rate is compared to the N776.50/$1 rate both currencies closed on Thursday.
Join our WhatsApp ChannelDuring trading, the highest and lowest rates the dollar was sold were N799/$1 and N475/$1, as the exchange rate continues to fluctuate in the official market.
At the various rates, foreign exchange traders transacted $121.08 million worth of forex in the investors’ and exporters’ (I&E) window backed by the Central Bank of Nigeria (CBN).
They raised their forex transactions from $44.43 million reported the day before, indicating an increase of $76.65 million or 172.51 per cent.
In the black market, the naira to dollar average exchange rate was put at N873.6/$1, up from N872.8/$1 reported during trading the previous day.
Also, foreign exchange traders in the black market saw the average exchange rate between the naira and the pound hit N1125.3/£1, in contrast to Thursday’s N1131.8/£1 rate.
Meanwhile, the euro was sold at an average rate of N969.4/€1, as the naira depreciated against the European currency by 0.33 per cent. The day before, both currencies were exchanged at an average rate of N972.7/€1.
