Naira Appreciates Against Dollar In Official Window, USD Up In Parallel Market
Naira Appreciates Against Dollar In Official Window, USD Up In Parallel Market. Photo Credit: Prime Business Africa

Official Dollar Rate Falls, Black Market Forex Dealers Hike Rates

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The price of the United States Dollar (USD) depreciated to N740.08/$1 on Wednesday, from N791.42/$1, the FMDQ Exchange reported.

Official foreign exchange data obtained from FMDQ showed that the dollar depreciated by N51.42 kobo or 6.49 per cent at the end of trading.

Also, the report stated that the naira to dollar rate had gone up as high as N800/$1 and as low as N730/$1 during trading in the Investors’ and Exporters’ window. 

While the exchange rate between the naira and the dollar continues to fluctuate, the value of transactions jumped to $153.28 million. 

Prime Business Africa learnt that the foreign exchange traders increased the value of forex traded by $101.73 million or 66.36 per cent from Tuesday’s $51.55 million. 

The story was different for the dollar in the Bureau De Change window of the black market, as the forex dealers in the window sold the US currency at an average rate of N857.1/$1. 

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According to data from Naira Rates, the average rate of the American Greenback was raised by N5.8 kobo from N851.3/$1 reported the day before. 

For the pound, the average rate increased slightly by N11.4 kobo. It was gathered that the naira to pound rate was hiked to N1121.6/£1, from the preceding day’s N1110.2/£1. 

Meanwhile, the naira to euro average rate was put at N962.2/€1 in the black market, Naira Rates reported, stating that it rose from N956.7/€1.

Meanwhile, House of Representatives member, Beni Lar, has disclosed that the dollar rate may hit N1000 if there’s no intervention.

Lar said the deterioration of the naira against the dollar has caused hardship and could affect Nigeria’s economy.

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“If this is not reversed, $1 could be exchanged for 1,000 naira by December 2023 and the current economic situation may trigger an inflationary spiral that may throw Nigeria into economic recession and depression,” she said during her motion for intervention on Wednesday.

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