Authorised Dealers Increase Dollar Rates In Black Market, Official Window

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.

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.