Dollar Rate Up In Official Window, Hits N874/$1 In Black Market

Black Market Dollar Rate Slightly Surpasses Official Window Price

2 mins read

On Tuesday, the dollar cost more in the black market than in the official market, according to aggregators of both foreign exchange channels.

In the Bureau De Change window of the black market, the dollar was offered for sale at an average price of N769.6/$1, below the N770.2/$1 rate on Monday.

This showed the naira appreciated slightly by 0.07 per cent in the parallel market, as the cost of the American greenback dropped by N0.6 kobo, according to Naira Rates, the black market aggregator. 

But in the official market, FMDQ Exchange revealed that foreign exchange traders transacted the United States Dollar (USD) at N768.44/$1.

The authorised dealers increased the price of the dollar by N26.94 kobo from  N741.50/$1, with the naira in the hands of buyers depreciating in value by 3.63 per cent. 

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According to the official market aggregator, the highest and lowest rates of the day are N820/$1 and N700/$1 respectively. 

Furthermore, the total foreign exchange transactions recorded during the day was $73.86 million, as supply fell below $100 million for two consecutive days. 

The foreign exchange transactions fell short of the $88.68 million reported during the previous day, indicating a $14.82 million or 16.7 per cent drop. 

Meanwhile, in the black market, the naira to pound exchange rate was N992.5/£1, as the British currency was more expensive than it was the day before when it was sold at an average rate of N991.5/£1. 

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The euro was sold at an average rate of N852.5//€1 in the parallel market, against the N851.3/€1 rate the European currency was offered on Monday.

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