Official Market Records Decline In Dollar Rate, Trade Flat In Black Market

The FMDQ Exchange reported on Wednesday that the price of the United States Dollar (USD) dropped by N37.16 kobo to N738.18/$1 in the Investors’ and Exporters’ window.

It was learnt that the exchange rate between the naira and the dollar was brought down by the official market authorised dealers from the N775.34/$1 rate reported on Tuesday.

While the naira appreciated by 4.79 per cent at the close of trading, the highest rate the dollar was offered was N800/$1. The official market aggregator stated that the lowest rate for the day was N701/$1.

According to the report, the authorised dealers and their clients recorded $170.15 million in foreign exchange transactions, which surpassed the previous day’s $71.32 million.

Prime Business Africa learnt that the foreign exchange traders increased the value of their forex transactions by 138.57 per cent or $98.83 million based on data obtained from FMDQ Exchange.

Meanwhile, the rate of the United States currency in the black market remained unchanged after trading at N920.1/$1 on Wednesday and the preceding day.

In the same vein, the naira to pound rate traded flat at N1177.6/£1 in the parallel market, according to Naira Rates, a Bureau De Change window aggregator.

Similarly, the black market recorded the euro trading at N1009.52/€1, the same rate reported in the Bureau De Change window of the parallel market on Tuesday.