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

CBN-backed I&E Window Reduces Dollar Rate, Black Market Sellers Hike Price

1 min read

The price of the United States Dollar was reduced by N33.43 kobo at the end of trading in the official market on Friday, as it closed at N743.07/$1.

Prime Business Africa gathered that the reduction in the dollar rate showed the naira appreciated by 4.3 per cent in value when the USD rate is compared to the N776.50/$1 rate both currencies closed on Thursday.

During trading, the highest and lowest rates the dollar was sold were N799/$1 and N475/$1, as the exchange rate continues to fluctuate in the official market.

At the various rates, foreign exchange traders transacted $121.08 million worth of forex in the investors’ and exporters’ (I&E) window backed by the Central Bank of Nigeria (CBN).

They raised their forex transactions from $44.43 million reported the day before, indicating an increase of $76.65 million or 172.51 per cent.

READ ALSO  Shelter Afrique, DRC Partner To Provide Affordable Housing In Africa

In the black market, the naira to dollar average exchange rate was put at N873.6/$1, up from N872.8/$1 reported during trading the previous day.

Also, foreign exchange traders in the black market saw the average exchange rate between the naira and the pound hit N1125.3/£1, in contrast to Thursday’s N1131.8/£1 rate.

Meanwhile, the euro was sold at an average rate of N969.4/€1, as the naira depreciated against the European currency by 0.33 per cent. The day before, both currencies were exchanged at an average rate of N972.7/€1.

Credibility and transparency is our DNA at Prime Business Africa’. We strongly believe in the role of media as a watchdog of the society that powerfully promotes accountability and transparency in government.

By contributing to Prime Business Africa, you are helping to sustain good journalism and making sure that it remains free to all.

Support Investigative Journalism and Mentorship

Courageous Journalism of Truth,Transparency and Development is in the DNA of Prime Business Africa; By donating as little as N1000 or $1 today, you are helping to keep credible journalism and life-changing information free for all.

READ ALSO  USD Drops To N475/$1 Officially, Edges Closer To N1000 In Black Market
READ ALSO  Toshiba's $13.5B Deal Marks End Of An Era Going Private
+ posts

Leave a Reply

Your email address will not be published.