Fakoyejo Olalekan
The dollar rate in the Bureau De Change of the black market fell by N15.4 kobo on Thursday morning, as foreign exchange traders transacted the United States currency at a rate of N734.6/$1.
The day before, the naira exchanged for the dollar at a rate of N750/$1, according to Naira Rates, a forex aggregator, indicating the Nigerian currency grew in value by 2.05 per cent when both rates were compared.
Join our WhatsApp ChannelPrime Business Africa gathered that the cost of the dollar has dropped three consecutive days since Bola Tinubu was sworn in as President on Monday, as well as since his inauguration speech where he promised to unify the multiple foreign exchange rates.
Also, Tinubu, during his campaign, had vowed to strengthen the naira against foreign currencies, reducing the dollar rate to N300 in the short term, before depreciating it further to N200 within four years by synergising the fiscal and monetary policies.
The Euro also depreciated earlier today to N796/€1, as traders bought the European currency below the N813.6/€1 rate it was sold during trading the day before, this publication learnt.
Although, the Pound Sterling traded along the same path, with the value going down against the naira. Both currencies exchanged at N923.2/£1 rate, dropping from $942.5/£1 reported on Wednesday.
Meanwhile, in the official market, it was a different story for the dollar, as the United States currency went for sale at N464.67/$1 on Wednesday. The cost inched higher from the previous day’s N464.50 kobo/$1 rate.
The naira lost -0.03 per cent or N0.17 kobo of its value to the United States Dollar (USD) during the period in review according to data obtained from FMDQ Exchange, the official market forex aggregator.
Note that prior to the official rate inching higher to N464.67/$1, during trading, the dollar was offered for sale at a high of N467/$1, but also traded at a low of N467/$1 rate.
Amid the fluctuation of the foreign exchange rate, investors and exporters transacted $163.74 million in foreign exchange, which is N43.38 million or 36.04 per cent higher than the $120.36 million worth of foreign exchange traded the previous session.
