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

The price of the United States currency, the dollar, was increased by N24.53 kobo in the Investors’ and Exporters’ window of the official market on Thursday.

In a report obtained from the FMDQ Exchange, the dollar rate rose to N762.71/$1 at the end of trading, settling above the N738.18/$1 rate reported on Wednesday.

It was further disclosed that the authorised dealers were willing to sell the American greenback at a low rate of N720/$1, while their clients were also willing to buy the USD at a high rate of N799.90/$1 at some point during trading.

At the end of the session, the authorised dealers and their clients traded $85.79 million in foreign exchange, dropping the value of transactions by 49.57 per cent.

This represents a $84.36 million decline when compared to the $85.79 million transacted by foreign exchange traders on Wednesday, according to the FMDQ Exchange report.

Also, in a report by the black market aggregator, Naira Rates, the dollar rate was brought down to N905.9/$1 average rate on Thursday, as dealers transacted the USD at N14.2 kobo lower compared to the previous day’s N920.1/$1.

The pound also recorded a steep drop in value, as it exchanged to the naira at an average rate of N1167 6/£1 in the black market, which indicates N10 drop in the British currency which was traded at an average rate of N1177.6/£1 the preceding day.

Furthermore, the euro didn’t escape the fall in the parallel market, slumping to an average rate of N1000.7/€1 during trading. The previous day, Prime Business Africa had reported that the European currency was sold at an average rate of N1009.52/€1.