Dollar Rate Up In Official Window, Hits N874/$1 In Black Market

Official Dollar Rate Surpasses N800, USD, Pound, Euro Prices Rise In Black Market

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FMDQ Exchange, the official market aggregator, reported the naira to dollar exchange rate closed at N782.49/$1 on Wednesday.

The United States Dollar was sold at a lower rate compared to the N788.42/$1 rate the American greenback cost on Tuesday. 

While this indicates the value of the Nigerian currency rose in the investors’ and exporters’ window, FMDQ disclosed that the naira to dollar rate had also traded at a high of N806/$1 during the session and a low of N690/$1.

According to the report, at the end of trading, the foreign exchange traders in the investors’ and exporters’ window transacted $90.52 million worth of forex.

This is more than the $68.10 million investors and exporters traded the day before. The transactions increased by $22.42 million or 32.9 per cent within two days. 

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Although the price of the dollar depreciated in the official market after surpassing N800, in the black market, the USD rate moves closer to the figure. 

Foreign exchange traders recorded N2.2 kobo increase in the cost of the dollar, which was sold at an average rate of N793/$1.

As the American greenback increased in price in the Bureau De Change window, the naira depreciated in value by 0.27 per cent. 

Meanwhile, the pound extended its appreciation to N1043.1/£1 in the parallel market. The day before, the British currency was sold at N1034.6/£1. 

This was disclosed by the Naira Rates, the parallel market aggregator, which also reported that the naira fell to N888.6/€1, from N884.7/€1, as the euro gained against the Nigerian currency.

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