FMDQ Exchange reported on Tuesday that the rate of the United States Dollar (USD) increased by N9.2 kobo in the Investors’ and Exporters’ window of the official market.
Prime Business Africa learnt that demand pressure dragged the value of the naira down by 1.23 per cent to push the dollar rate to N770.72/$1, compared to Monday’s N761.32/$1.
Prior to the dollar closing at N770.72/$1, foreign exchange traders had traded the dollar at a cost of N799.90/$1, the highest rate of the day, and N720/$1, the lowest rate of the day.
The increase in the price of the dollar was on the back of high demand for forex, as authorised dealers and their clients raised their transactions to $112.22 million in foreign exchange.
It increased by $47.29 million or 72.83 per cent from the $64.93 million worth of forex recorded in the Investors’ and Exporters’ window during trading the previous day.
The dollar recorded a different experience in the black market, where the average rate was put at N867.5/$1, rising by N6.8 kobo from N874.3/$1 posted the day before.
The United Kingdom currency, the pound, depreciated to the naira as well, as the black market rate dropped from N1129.6/£1 to N1125.3/£1 average rate.
The naira to euro average rate also fell during trading, as Naira Rates, a parallel market aggregator, estimated the European currency traded at N961.3/€1, in contrast to the previous day’s N965.2/€1.