Nigeria’s FX Crisis Will Continue Until We Scale Up Production For Export’

Dollar Rate Down N26 In Official Market, Black Market Price Rises

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The cost of the United States Dollar (USD) in the official market was reduced by N26.13 kobo on Wednesday, June 5, FMDQ Exchange reports.

As stated by the official market foreign exchange aggregator, the decrease pushed the dollar rate to N742.31/$1, against the N768.44/$1 the USD was sold on Tuesday. 

Before the foreign exchange traders closed Wednesday’s session at N742.31/$1, investors and exporters bought the dollar as high as N820/$1, and as low as N600/$1.

While the dollar rate continues to swing, the foreign exchange traders in the investors’ and exporters’ window transacted $89.37 million.

During trading the previous day, authorised dealers recorded $73.86 million as the value of foreign exchange transactions made by their clients. 

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This shows the value of transactions increased by $15.51 million 0r 20.9 per cent when transactions within both days are compared. 

However, customers in the black market were not so lucky, as the cost of the American greenback was raised by N2.4 kobo or 0.3 per cent. 

The hike saw the average rate of the dollar hitting N772/$1, as disclosed by the Naira Rates, the parallel channel aggregator. The day before, the dollar was traded at an average price of N769.6/$1. 

Likewise, the average rate of the pound rose to N996.8/£1, with N4.3 kobo added to the price of the British currency, which was placed on sale at N992.5/£1 on Tuesday. 

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The euro wasn’t left out, as the value of the European currency increased from N852.5/€1 to N854.1/€1, with the naira shedding N1.6 kobo in value.

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