Black Market, Official Window Forex Dealers Drop Dollar Rate

August 25, 2023
Foreign reserve
Foreign reserve

Authorised dealers and their clients traded the dollar at the rate of N771.69/$1 at the close of trading in the Investors’ and Exporters’ (I&E) window of the official market on Thursday.

This is slightly below the N773.42/$1 rate reported on Wednesday, indicating the naira appreciated in value by 0.22 per cent, while the price of the United States currency fell by N1.73 kobo.

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At some point during trading in the official market, the dollar cost the clients as much as N799.90/$1 and as low as N700/$1, FMDQ Exchange disclosed in its foreign exchange (forex) data.

FMDQ Exchange also reported that $121.60 million in foreign exchange was transacted in the Investors’ and Exporters’ window, compared to the previous day’s $45.34 million.

Authorised dealers and their clients raised their foreign exchange transactions by $76.26 million or 168.19 per cent in the official market on the back of the decline in the dollar rate.

Meanwhile, the dollar was sold at an average rate of N898.6/$1 in the black market, depreciating from N901/$1 recorded during trading the preceding day.

Foreign exchange traders also recorded a dip in the rate of the United Kingdom currency, the pound, after it traded at an average price of N1157.2/£1, against Wednesday’s N1163.6/£1 rate.

Interestingly, the naira to euro average rate moved in the opposite direction compared to the dollar and the pound currencies, as the price of the European currency went up from N988.2/€1 to N989.1/€1.

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