Fakoyejo Olalekan
The exchange rate for the Naira to Dollar transaction was N760.87 kobo/$1 in the Bureau De Change window of the black market earlier on Thursday, 25 May 2023.
On Wednesday, foreign exchange traders bought the United States Dollar at N756.85 rate, which means the USD gained against the Naira.
Join our WhatsApp ChannelThe cost of the American greenback was raised by N4.02 or 0.53 per cent when both foreign exchange rates were compared.
However, in the official market, supported by the Central Bank of Nigeria (CBN), the Nigerian currency recorded a different experience on Wednesday.
At the end of yesterday’s trading session, the Naira exchanged for the Dollar at the rate of N463.33 kobo/$1, against the N464.42 kobo/$1 rate offered the previous day.
Prime Business Africa gathered that the Dollar rate in the investors’ and exporters’ window by 0.23 per cent or N1.09 as the curtain closed on transactions.
Note that before the session closed on Wednesday, the foreign exchange rate traded at a high and low level of N467/$1 and N460/$1, respectively.
The value of transactions recorded at the end of Wednesday’s trading was $77.00 million in foreign exchange, FMDQ Exchange reported.
Investors’ and exporters’ transactions fell by N138.91 million or 64.33 per cent from the $215.91 million foreign exchange transacted the day before.
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