Fakoyejo OlalekanIn the Investors’ and Exporters’ window on Wednesday, the official naira to dollar exchange rate closed at N793.70/$1, rising from N742.93/$1.
Prime Business Africa learnt that between Tuesday and Wednesday, the United States Dollar appreciated in value by N50.77 kobo.
In addition, the naira devalued by 6.83 per cent in the Investors’ and Exporters’ window of the official market, as the premium rate weighs on demand.
However, in official market data released by FMDQ Exchange, it was also reported that the authorised dealers had sold the USD at a high rate of N853/$1.
The data also disclosed that the price of the American greenback dropped to the day’s lowest rate of N699.50/$1, but it eventually closed at N742.93/$1.
Furthermore, the report said the authorised dealers and their clients in the official market traded $87.19 million in foreign exchange.
This means the value of foreign exchange traded on Wednesday fell short of the $121.74 million transacted on the previous day. This is a decline of N34.55 million or 28.38 per cent.
Meanwhile, the Naira Rates, the black market foreign exchange rates aggregator, stated that N6.6 kobo was added to the price of the dollar.
This represents a 0.81 per cent increase in the value of the United States Dollar, as the USD was offered at the rate of N816.6/$1, compared to the preceding day’s N810/$1.
The pound rate also traded upward in value, with the average rate of the British currency put at N1090.13/£1, which is N14.73 kobo difference from the N1075.4/£1 rate reported the day before.
On the same day, the rate of the European currency, the euro, was raised by N13.8 kobo, from N923.6/€1 to N937.4/€1.
Follow Us