Nigeria’s FX Crisis Will Continue Until We Scale Up Production For Export’

Authorised Dealers Increase Dollar Rate In I&E Window, Black Market’s USD Now N859

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On Thursday, traders in the Investors’ and Exporters’ window recorded an increase of N28.52 kobo in the cost of the United States Dollar (USD).

Although the authorised dealers demanded between N869/$1 and N730/$1, the American Greenback closed trading at N768.60/$1.

This showed the naira’s value in the official market slumped by 3.85 per cent, considering both currencies traded at a rate of N740.08/$1 on Wednesday.

As the price of the USD increased, the value of foreign exchange traded by investors and exporters dropped in the official market. 

The decline in the worth of foreign exchange transactions was put at $64.62 million or 42.15 per cent by FMDQ Exchange, the official rate aggregator.

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According to a report from FMDQ, the foreign exchange traders transacted $88.66 million on Thursday, which is below the $153.28 million traded the day before. 

Prime Business Africa noted that in the Bureau De Change window of the black market, the average naira to dollar rate was N859.3/$1, up from N857.1/$1. 

In a report by a black market aggregator, Naira Rates, the price of the euro was slightly increased by N8.8 kobo to N1130.4/£1, from N1121.6/£1. 

The price of the British pound was also raised by N7 in the Bureau De Change window where it was sold at N969.2/€1 rate, compared to the preceding day’s N962.2/€1 rate.

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