Dollar Falls In Official Window, Black Market USD Rate Drops To N910

Investors and exporters saw the value of the United States Dollar (USD) drop to N759.86/$1 in the official market on Wednesday, as the naira appreciated by 1.92 per cent.

The authorised dealers dropped the dollar rate by N14.91 kobo in the Investors’ and Exporters’ window, from the previous day’s close of N774.77/$1.

Before the naira to dollar rate closed at N759.86/$1, a report released by FMDQ Exchange showed that the highest exchange rate of the day was N799.90/$1, while the lowest level was N740/$1.

Also, during trading in the Investors’ and Exporters’ window, foreign exchange traders transacted $61.14 million worth of forex.

The value of foreign exchange fell by $34.65 million or 36.17 per cent compared to the $95.79 million traded in the official market the previous day.

Meanwhile, the average exchange rate between the naira and the dollar was N910.9/$1 in the black market, compared to the previous day’s N930.3/$1.

The British pound also depreciated in the parallel market, falling by N22.1 kobo to N1176/£1. During trading the day before, the average pound rate was set at N1,198.1/£1.

Similarly, the European currency, the euro, depreciated in value by N21.9 kobo, as traders in the black market traded the euro at an average rate of N1008.6/€1, in contrast to the previous day’s N1030.5/€1. 

Fakoyejo Olalekan

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