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

The value of the United States Dollar depreciated by N19.19 kobo or 2.52 per cent on Thursday to N740.67/$1, from the preceding day’s N759.86/$1.

This was according to the data obtained from the FMDQ Exchange, which also disclosed that the highest and lowest rates during trading are N799/$1 and N739/$1 respectively.

It was further disclosed that the value of foreign exchange traded before the official forex market closed for business was $130.92 million.

During trading in the official market the previous day, investors and exporters recorded  $95.79 million in foreign exchange transactions.

This showed the value of forex transacted by the foreign exchange traders fell by $35.13 million or 36.67 per cent, according to an analysis of the data from FMDQ.

Also, in the black market, the average exchange rate between the naira and the dollar was N877.4/$1, down by N33.5 kobo compared to the N910.9/$1 rate reported the day before. 

In the same vein, the British pound fell to N1,132.8/£1 average rate, from the N1,176/£1 average rate posted by Naira Rates, the parallel market aggregator. 

The euro was not left out of the decline, as the average exchange rate between the naira and the European currency on Thursday was N971.5/€1, against the previous day’s N1008.6/€1.

Fakoyejo Olalekan

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