CBN-backed Official Window Record Increase In Dollar Rate, USD Falls In Black Market

Authorised Dealers Increase Price Of Dollars

2 mins read

The authorised dealers in the official market sold the United States Dollar (USD) at the rate of N774.77/$1 at the end of trading on Tuesday.

According to data released by the FMDQ Exchange, the dollar rate increased by N30.36 kobo compared to Monday’s closing rate of N744.41/$1. 

This indicates the naira depreciated in value by 4.07 per cent in the Investors’ and Exporters’ window of the official market during the review period. 

Furthermore, the data showed that the day’s high was N799.90/$1 rate, while the lowest rate for the day was put at N740.60/$1.

By the end of trading in the Investors’ and Exporters’ window, over $95.79 million was transacted among foreign exchange traders.

The value of transactions recorded by foreign exchange traders declined by $64.43 million or 40.21 per cent from the previous day’s $160.22 million. 

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Meanwhile, in the black market, the average rate of the dollar was placed at N930.3/$1, according to Naira Rates, a parallel window aggregator. 

The price of the United States currency was raised by N7.7 kobo in the black market from N922.6/$1, as the naira nosedived by 0.83 per cent. 

It was also reported that the pound was offered for sale at an average rate of N1198.1/£1, inching higher from the preceding day’s N1188.9/£1. 

Equally, the naira fell to the European currency, the euro, with both currencies trading at an average rate of N1030.5/€1, compared to Monday’s N1028.6/€1.

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