Black Market Dollar Rate Hits N874/$1, Official Window Rate Rises

The naira depreciated in value by 2.94 per cent in the Investors’ and Exporters’ window after the dollar rate rose to N761.32/$1 at the close of trading on Monday.

It was learnt that the authorised dealers in the official market increased their asking price by N21.8 kobo from the N739.52/$1 rate reported on Friday. 

During trading, the highest and lowest rates are N799.90/$1 and N700/$1 respectively, according to the official market aggregator, FMDQ Exchange.

Also, $64.93 million in foreign exchange was transacted by foreign exchange traders, compared to the previous day’s $130.92 million.

Following the increase in the price of the United States currency, the worth of foreign exchange transacted fell by $65.99 million or 50.4 per cent.

Meanwhile, foreign exchange dealers in the parallel market and their customers traded the dollar at an average rate of N874.3/$1, against the preceding day’s N832.9/$1.

The British pound also increased during trading in the black market, trading at an average rate of N1129.6/£1. The UK currency increased by N54.2 kobo from N1075.4/£1. 

According to Naira Rates, the black market aggregator, traders saw an increase in the cost of the European currency, the euro, which averaged N965.2/€1, up from N918.4/€1.