Fakoyejo OlalekanThe foreign exchange rates rose across the official market and the black market on Thursday, according to reports from the FMDQ Exchange and Naira Rates.
Data obtained from FMDQ Exchange, the official market aggregator, showed that the naira to dollar exchange rate was N765.13/$1 at the end of Thursday’s session.
This reveals that the cost of the dollar was up N1.96 kobo, considering forex traders exchanged the United States Dollar (USD) at a rate of N763.17/$1 on Wednesday.
The price of the dollar wasn’t stable during trading, as the day’s peak was N801/$1, while the minimum the foreign currency was sold is N446.32/$1.
However, regardless of the prices offered for the dollars during trading, foreign exchange traders raised their value of forex transactions to $204.84 million.
This is more than the $96.44 million foreign exchange transacted in the investors’ and exporters’ window on Wednesday, reflecting supply increased by $108.40 million or 112.40%.
In the Bureau De Change window of the black market, the average dollar rate was N763.7/$1, from N760.3/$1, as the naira depreciated in value.
The naira also shed some value to the British pound, as foreign exchange traders exchanged both currencies at an average rate of N990.7/£1, up from N983.4/£1.
Also, the European currency, the euro, appreciated in value to N853.1/€1 on Thursday, costing investors more than the N843.3/€1 average rate offered the previous day.
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