Fakoyejo Olalekan
The official market dollar rate was up by N9.82 kobo on Friday as FMDQ Exchange reported it ended trading at N777.82/$1.
Prime Business Africa had reported that the naira exchanged for the United States Dollar at N768/$1 rate on Thursday.
Join our WhatsApp ChannelAlthough during trading on Friday, the naira to dollar rate hit N855/$1, the day’s peak and N665/$1, which is the day’s lowest rate.
At these various prices, clients purchased $77.99 million in foreign exchange, as authorised dealers increased the supply by 33.95 per cent.
Investors and exporters increased the value of their transactions by $19.77 million from the $58.22 million reported the previous day.
Meanwhile, the price of the United States Dollar depreciated by N36 in the Bureau De Change window of the black market on Friday.
The dollar was sold at an average rate of N823.3/$1, down from the N859.3/$1 offered in the parallel market the day before.
This is according to data obtained from Naira Rates, a black market rate aggregator. The data also showed that the average price of the pound was reduced from N1125/£1 to N1074.9/£1.
The European currency, the euro, wasn’t left out, as foreign exchange dealers reported an average rate of N929.56/€1, falling below the preceding day’s N976.1/€1 rate.
