Fakoyejo OlalekanIn the official window and the black market on Tuesday, the naira appreciated in value, as the rates of the dollar, pound and euro fell.
According to FMDQ Exchange, at the end of trading, the dollar rate settled at N471.67, dropping slightly by 0.17% or N0.83 kobo from the N472.50/$1 rate reported on Friday.
Recall that the official market didn’t open on Monday, 12 June, due to the public holiday announced by the Federal Government to celebrate the country’s Democracy Day.
During trading, the highest and lowest rates the dollar was sold are N477/$1 and N460/$1 respectively, data obtained from FMDQ showed.
Amid the drop in the dollar rate, the value of the foreign exchange transacted at close of yesterday’s session was N114.78 million.
Investors and exporters recorded N37.36 million or 48.2% increase in supply, as foreign exchange traders transacted $77.42 million the day before.
Also, foreign exchange traders in the black market reduced the cost of the dollar, as the American greenback was sold at N755.7/$1, below the previous day’s N758.5/$1.
This was disclosed by the Naira Rates, a black market rate aggregator, which also stated that the pound went on sale at an average price of N964.6/£1, dropping from the N966.9/£1 rate.
Prime Business Africa (PBA) learnt that the naira and the euro exchange rate was N829/$1 on the review day, down from the N830.3/€1 rate.
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