Dollar Rate Hits N782 In Official Window, N891 In Black Markets

In the Investors’ and Exporters’ window of the official market, the naira to dollar rate settled at N782.38/$1 at the end of trading on Wednesday.

The naira depreciated in value by 3.28 per cent at the same time the price of the dollar increased by N24.87 kobo from the preceding day’s N757.51/$1.

Note that investors and exporters had also traded both currencies at a high rate of N800/$1, as well as a low rate of N730/$1 during trading in the official market. 

Also, the foreign exchange traders recorded $60.26 million, as supply increased from the previous day’s $45.98 million, according to FMDQ Exchange report. 

This is an increase of $14.28 million or 31.05 per cent in the value of forex transacted during trading in the Investors’ and Exporters’ window.

Meanwhile, the dollar was sold at an average rate of N891.4/$1 in the black market, according to the Naira Rates, a parallel rate aggregator.

The report released by the aggregator showed that the cost of the United States currency rose slightly by N4.7 kobo from the N886.74/$1 rate reported the day before. 

In the same vein, the value of the British pound inched higher by N6.2 kobo during trading, as the exchange rate to the naira went up from N1146.7/£1 to an average rate of N1152.9/£1. 

The European currency, the euro, also appreciated in value against the naira, as both currencies exchanged at an average rate of N993/€1, contrasting with the previous day’s N987.8/€1.