Emmanuel OchayiIn a surprising turn of events, foreign exchange authorized dealers operating in the investors’ and exporters’ (I&E) window exhibited a slight uptick in the exchange rate of the US dollar to N776.60/$1 on Tuesday, representing a marginal increase from the previous day’s rate of N773.98/$1.
While the highest point the United States currency reached in the I&E window of the official market was N799.90 per dollar, it also experienced a temporary dip, hitting a low of N720/$1, according to data provided by FMDQ Exchange.
Join our WhatsApp ChannelWithin the initial hours of market operations on that day, these foreign exchange dealers managed to transact a total of $71.01 million worth of forex, marking an impressive increase of $6.79 million or 10.57 percent when compared to the $64.22 million recorded at the close of the official market activities the previous day.
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Meanwhile, the black market, as reported by Aboki FX, witnessed a rise of N5 in the exchange rate of the US dollar, offering it to the public at N965/$1, as opposed to Monday’s rate of N960/$1.
In a similar vein, the British pound experienced N10 increase in its exchange rate, with the UK currency being sold at N1230/£1, compared to the previous day’s rate of N1220/£1.
The report also unveiled that the average parallel price of the euro now stands at N1025/€1, reflecting a N5 increment in the rate of the European currency compared to the N1020/€1 recorded at the close of trading the day before.
These fluctuations in exchange rates underline the dynamic nature of the forex market as investors and traders navigate the evolving landscape in search of stability and favorable returns on their investments.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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