Dollar Records Mixed Fortunes In Official Window, Black Market

The foreign exchange rate aggregator for the official market, FMDQ Exchange, disclosed that the average rate of the dollar at the end of Tuesday’s session was N763/$1.

It contrasted with the N768.17/$1 the American greenback was sold on Monday, reflecting the naira appreciated in value by N5.17 kobo or 0.67 per cent in the official market. 

In the report released by FMDQ Exchange, it was revealed that the naira to dollar exchange rate during trading had hit N841/$1, the highest rate of the day, while N467/$1 was the lowest, before settling at N763/$1.

The report further stated that the official market traders increased the value of foreign exchange transacted on Tuesday to $245.65 million. 

This is $47.52 million or 23.9 per cent higher than the $198.13 million forex the traders transacted before trading closed the preceding day.

Furthermore, the dollar rate in the Bureau De Change window of the black market increased from N764.3/$1 to N766.6/$1 rate, Naira Rates, a parallel market aggregator noted. 

Also, the euro was offered at a higher rate of N852/€1, compared to the N850/€1 it cost foreign exchange traders in the black market the previous day. 

For the pound, the average rate fell to N992.8/£1, depreciating from the N993.7/£1 the European currency was placed on sale on Monday.