Naira Gains, Dollar Rates Drop In Official Window, Black Market

Naira Falls To Dollar Across Official, Black Markets

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The cost of the dollar increased by N57.7 kobo in the Investors’ and Exporters’ (I&E) window and N7 in the Bureau De Change channel on Friday.

Prime Business Africa learnt that the increase raised the naira to dollar rate to N803.90 kobo/$1 in the I&E window of the official market. 

According to data released by the FMDQ Exchange, the rise in the price of the dollar depreciated the value of the naira by 7.73 per cent compared to the previous day’s N746.2/$1 rate. 

Although authorised dealers had sold the United States Dollar to clients at a high rate of $829/$1, as well as a low rate of N689.34/$1, before eventually closing at N803.90 kobo/$1. 

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Reports by FMDQ Exchange also disclosed that foreign exchange traders recorded $46.90 million forex transactions at the end of trading on Friday. 

However, the day before, traders in the Investors’ and Exporters’ window had transacted $87.38 million, indicating a drop of 46.32 per cent or $40.48 million. 

According to the black market rate aggregator, Naira Rates, the naira exchanged at N804.8 to one dollar. This is higher than the N797.8/$1 rate offered the previous day. 

Also, the aggregator revealed that the naira to pound average rate was N1070.9/£1 in the parallel market, well above Thursday’s N1055.8/£1 rate.

In the Bureau De Change window, the naira also fell against the European currency, the euro, as buyers were sold the euro at N916.1/€1. Both currencies were exchanged at N903.9/€1 the preceding day. 

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