Dollar Rate Falls To N741/$1, Trades Above N800 In Black Market

The dollar rate in the official market depreciated by N47.44 kobo to N741.64/$1 on Wednesday, from the previous day’s N789.08/$1 rate.

According to FMDQ Exchange, the dollar also went on sale for N700/$1, the lowest rate for the day, and N804/$1, the highest rate.

With the naira appreciating by 6.01 per cent in the official market, foreign exchange traders increase the value of their transactions by $66.79 million.

Over $134.12 million in foreign exchange was transacted by authorised dealers and their clients in the investors’ and exporters’ window.

Recall that the day before, foreign exchange traders had transacted $67.33 million worth of forex, indicating an increase of 99.19 per cent.

In the Bureau De Change window of the black market, it was gathered that the American Greenback was sold at N865.3/$1, the same price it went for the previous day.

The British pound recorded a different experience, as the exchange rate between the UK currency and the naira dropped to N1122.1/£1, from N1124.3/£1.

However, the naira didn’t perform well against the euro, as the European currency was placed on sale at an average rate of N964.3/€1, against the previous day’s N963.1/€1.

Fakoyejo Olalekan

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