Authorised Dealers Increase Dollar Rates In Black Market, Official Window

August 29, 2023
Naira Ends Week With N59.71 Gain At Official Market
Naira and Dollar

The official market aggregator, FMDQ Exchange, reported that the naira to dollar exchange rate closed at N772.12/$1 in the Investors’ and Exporters’ (I&E) window of the official market on Monday.

According to the report, the authorised dealers raised the exchange rate between both currencies in the I&E window from the N778.42/$1 rate reported on Friday.

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However, during trading, the foreign exchange traders had transacted the dollar at a rate of N800/$1, which is the highest price of the day, and N740.59/$1, the lowest rate before the end of business hours.

Following the close of activities in the Investors’ and Exporters’ window, foreign exchange traders transacted $40.21 million worth of forex, as supply dropped compared to Friday’s $73.80 million.

The value of foreign exchange transacted amongst investors and exporters fell by $33.59 million or 45.51 per cent Prime Business Africa gathered from the FMDQ Exchange reported.

However, in the black market, Naira Rates, a parallel window aggregator, stated that the average rate of the dollar was N903.5/$1, as the price of the American greenback rose from N898.6/$1.

In the same vein, the authorised dealers in the black market raised the price of the pound, as the British currency went for an average rate of N1152.9/£1, up from N1146.7/£1 rate.

The euro followed the same upward path, as the traders’ average rate for the European currency was N988.3/€1 in the parallel market, compared to N983/€1 reported on Friday.

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