Nigeria’s FX Crisis Will Continue Until We Scale Up Production For Export’

Official Dollar Rate Now N768, Black Market USD Rate Hits N859

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The foreign exchange aggregator, FMDQ Exchange, disclosed that the official forex market closed trading with N768.16/$1 rate on Thursday, 21 July.

A report released on Thursday showed the naira to dollar rate fell below the closing price of N793.70/$1 posted on the previous day.

The dollar rate dropped by N25.54 kobo, as the Nigerian currency appreciated in value by 3.21 per cent in the Investors’ and Exporters’ window.

However, the price of the American greenback rose as high as N844/$1 and dropped to a low of N700/$1 during trading.

Despite the naira appreciating against the dollar, the value of foreign exchange transacted dropped to $58.22 million in the Investors’ and Exporters’ window.

This is a 33.22 per cent or $28.97 million drop in the foreign exchange transacted, as authorised dealers and their clients had traded $87.19 million on Wednesday. 

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Meanwhile, foreign exchange traders in the Bureau De Change window of the black market traded the dollar at an average rate of N859.3/$1, compared to the previous day’s N816.6/$1.

The pound’s average rate was N1125/£1 in the parallel market, rising by N34.87 kobo from the preceding day’s N1090.13/£1.

The increase in dollar and pound rates was disclosed by the parallel market aggregator, Naira Rates, which also reported that the euro was put on sale at an average rate of N976.1/€1, up from N937.4/€1.

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