Nigeria’s FX Crisis Will Continue Until We Scale Up Production For Export’

Dollar Trades As Low As N475/$1 In Official Market, Stabilises In Black Market

1 min read

Authorised dealers in the investors’ and exporters’ window on Monday increased the asking price of the United States Dollar to N774.78/$1.

Investors and exporters saw the price rise by N31.71 kobo at the end of trading in the I&E window of the official market, up from N743.07/$1 reported on Friday.

This was disclosed in forex data obtained from the FMDQ Exchange, which also reported that before the foreign exchange rate of the dollar closed at N774.78/$1, the price of the USD had fluctuated between N799/$1 and N475/$1.

Part of the report also revealed that foreign exchange traders recorded forex transactions worth $45.98 million, as the forex trades went in the opposite direction of the dollar rate.

READ ALSO  Senator Calls For 50 Dangotes, 50 BUAs, 50 Otedolas To Compete Globally

Recall that over $121.08 million in foreign exchange were traded at the end of Friday’s activities. This shows the value of forex transactions fell by $75.1 million or 62.02 per cent.

Although the dollar traded flat in the black market at N873.6/$1 on Monday, according to the Naira Rates, a parallel market aggregator, the same rate was reported on Friday.

Similarly, the naira to euro rate also traded, with the parallel market aggregator placing the average rate at N969.4/€1, as both currencies retained Friday’s value.

Naira Rates also reported that the Nigerian currency stood its ground against the British banknote, as the naira to pound rate maintained Friday’s N1125.3/£1 rate.

+ posts

Leave a Reply

Your email address will not be published.