Fakoyejo Olalekan
Authorised dealers in the investors’ and exporters’ window on Monday increased the asking price of the United States Dollar to N774.78/$1.
Investors and exporters saw the price rise by N31.71 kobo at the end of trading in the I&E window of the official market, up from N743.07/$1 reported on Friday.
Join our WhatsApp ChannelThis was disclosed in forex data obtained from the FMDQ Exchange, which also reported that before the foreign exchange rate of the dollar closed at N774.78/$1, the price of the USD had fluctuated between N799/$1 and N475/$1.
Part of the report also revealed that foreign exchange traders recorded forex transactions worth $45.98 million, as the forex trades went in the opposite direction of the dollar rate.
Recall that over $121.08 million in foreign exchange were traded at the end of Friday’s activities. This shows the value of forex transactions fell by $75.1 million or 62.02 per cent.
Although the dollar traded flat in the black market at N873.6/$1 on Monday, according to the Naira Rates, a parallel market aggregator, the same rate was reported on Friday.
Similarly, the naira to euro rate also traded, with the parallel market aggregator placing the average rate at N969.4/€1, as both currencies retained Friday’s value.
Naira Rates also reported that the Nigerian currency stood its ground against the British banknote, as the naira to pound rate maintained Friday’s N1125.3/£1 rate.
