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

Dollar Rate Falls To N741/$1, Trades Above N800 In Black Market

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The dollar rate in the official market depreciated by N47.44 kobo to N741.64/$1 on Wednesday, from the previous day’s N789.08/$1 rate.

According to FMDQ Exchange, the dollar also went on sale for N700/$1, the lowest rate for the day, and N804/$1, the highest rate.

With the naira appreciating by 6.01 per cent in the official market, foreign exchange traders increase the value of their transactions by $66.79 million.

Over $134.12 million in foreign exchange was transacted by authorised dealers and their clients in the investors’ and exporters’ window.

Recall that the day before, foreign exchange traders had transacted $67.33 million worth of forex, indicating an increase of 99.19 per cent.

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In the Bureau De Change window of the black market, it was gathered that the American Greenback was sold at N865.3/$1, the same price it went for the previous day.

The British pound recorded a different experience, as the exchange rate between the UK currency and the naira dropped to N1122.1/£1, from N1124.3/£1.

However, the naira didn’t perform well against the euro, as the European currency was placed on sale at an average rate of N964.3/€1, against the previous day’s N963.1/€1.

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