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.