Dollar Rate Drops In Official Channel, USD, Pound, Euro Rates Increase in Black Market

The authorised dealers sold the dollar at a reduced rate on Monday, 10 July, as buyers parted with N744.07/$1 at the end of trading in the official market.

In a report released by the FMDQ Exchange, it was learnt that the cost of one dollar was reduced by N32.83 kobo, from Friday’s N776.90/$1.

However, the foreign exchange buyers also bought the dollars at N800/$1 and N700/$1, which are the highest and lowest rates of the day respectively. 

At these various prices, the foreign exchange traders purchased forex worth $97.69 million, up from $73.42 million, the forex aggregator revealed. 

They increased the value of the transactions in the investors’ ad exporters’ window by 33.05 per cent or $24.27 million, Prime Business Africa learnt.

Although, in the black market, the average rate of the United States Dollar (USD) was N783.4/$1, according to the Naira Rates, the parallel channel window. 

The dollar rate rose by N9.1 kobo or 1.17 per cent to N783.4/$1 in the Bureau De Change window of the black market, from N774.3/$1 rate.

Foreign exchange traders in the parallel market also recorded an increase in the pound average rate, which was N1019.2/£1, rising from N1002/£1. 

Dealers of the euro banknotes in the black market raised their asking price to N871.6/€1, as the European currency cost buyers N15.7 kobo more than the N855.9/€1 rate last week Friday.