Dollar Rate Drops In CBN-backed Official Channel, Up In Black Market

The dollar rate dropped in the Investors’ and Exporters’ window to N791.42/$1 on Tuesday, 25 July, from N792.04/$1 reported on Monday.

According to the FMDQ Exchange, the N0.62 kobo increase in the price of the dollar occurred at the close of trading in the official market.

This was after the American Greenback was sold at N845/$1 and N730/$1, which are the highest and lowest rates of the day. 

While the value of foreign exchange traded on the black market is unknown, it was revealed that $51.55 million worth of forex was traded on the official market.

Foreign exchange traders had transacted $49.46 million worth of forex on Monday. This shows the level of supply was up by $2.09 million or 4.22 per cent.

In the black market, the Bureau De Change window’s average dollar rate was put at N851.3/$1, based on data obtained from Naira Rates, a parallel channel aggregator. The day before, the US currency traded at an N847.02/$1 rate.

Prime Business Africa gathered that while the value of the United States Dollar increased by N4.28 kobo, the price of the pound rose by N6.3 kobo.

The British pound increased from N1103.9/£1 to N1110.2/£1 in the Bureau De Change window, indicating the value of the naira depreciated by 0.57 per cent. 

Naira Rates revealed that the European currency shared the same experience, as the price of the euro increased by N4.2 kobo to N956.7/€1, from N952.5/€1.