CBN-backed Official Window Record Increase In Dollar Rate, USD Falls In Black Market

Dollar Sells At N776/$1 In I&E window, USD Price Changes In Black Market

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Investors’ and exporters’ window recorded N776.50/$1 as the closing exchange rate between the naira and the United States Dollar on Thursday.

The exchange rate between both currencies was raised by N34.86 kobo from the N741.64/$1 rate reported at the end of trading in the official market on Wednesday. 

According to a report obtained from FMDQ Exchange, the official market aggregator, the price of the dollar hit a peak of N804/$1 and a low of N700/$1. 

At the end of the session, over $44.43 million in foreign exchange was transacted by investors and exporters in the official window. 

Prime Business Africa previously reported that the foreign exchange traders had transacted $134.12 million the day before, indicating the value of forex transacted dropped by 66.87 per cent or $89.69 million. 

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Meanwhile, in the black market, the average rate of the dollar according to Naira Rates, a parallel market aggregator, was N872.8/$1. 

The value of the United States currency was raised by N7.5 kobo in the Bureau De Change window from the average rate of N865.3/$1 posted the previous. 

Also, the pound was offered at an average rate of N1131.8/£1 in the black market, rising from the N1122.1/£1 rate reported on Wednesday. 

The naira also fell against the euro in the black market, as it cost N972.7/€1 in the Bureau De Change window compared to the preceding day’s N964.3/€1 rate.

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