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

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

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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.

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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.

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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.

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