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

Naira To Dollar Rate Hits N792/$1, Black Market Price Up N23

2 mins read

The naira to dollar rate traded as high as N855/$1 on Monday, and as low as N650/$1 in the Investors’ and Exporters’ window of the official market.

However, at the close of trading, the United States currency drew the curtain at N792.04/$1, above the N777.82/$1 rate reported on Friday.

The foreign exchange traders recorded a N14.22 kobo increase in the cost of the dollar, with the value of the naira declining by 1.82 per cent. 

Amid the depreciation of the Nigerian currency, authorised dealers saw a dip in the value of foreign exchange transacted on Monday. 

The value of foreign exchange sold in the Investors’ and Exporters’ window depreciated by $28.53 million or 36.58 per cent. 

Recall that Prime Business Africa reported that the authorised dealers had sold $77.99 million worth of forex on Friday. 

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But on Monday, $49.46 million worth of forex was traded by foreign exchange traders, indicating the rise in the cost of the United States Dollar weighed on the value of forex transacted.

The price of the dollar was also raised in the parallel market to an average rate of N847.02/$1. The USD rate was increased by N23.72 kobo from N823.3/$1. 

Also, the pound was sold at an average rate of N1103.9/£1 during trading on the black market, up from N1074.9/£1 rate. 

The naira didn’t do so well against the euro either, as both currencies traded at N952.5/€1. The average rate of the European currency was N929.56/€1 on Friday.

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