Dollar Sells Above N760 In Official, Black Markets, BDC Increases Euro, Pound Rates

The dollar rates in the investors’ and exporters’ window of the official market and that of the Bureau De Change (BDC) window in the black market continue to converge.

At the close of trading on Monday, 26 June, the dollar was sold at N768.17/$1, which is 0.25 per cent or N2 lower than the N770.17/$1 rate offered on Friday. 

This was disclosed by FMDQ Exchange, the official market aggregator. Data from the platform also showed that at some point during trading, the dollar rate peaked at N840/$1, while the USD was traded at the lowest rate of N465/$1.

As the dollar rate fell in the official market, the total value of the foreign exchange traded on Monday in the investors’ and exporters’ widow rose by 57.9 per cent.

This means buyers in the official market upped their demand or supply increased by $72.66 million to $198.13 million forex traded, from the $125.47 million reported on Friday. 

Meanwhile, the dollar rate in the black market followed that of the investors’ and exporters’ window closely, as Naira Rates, a parallel market aggregator put the average rate at N764.3/$1, up from N768.4/$1. 

While the naira gained against the dollar in the black market, the Nigerian currency fell against the British pound and the euro. 

Data obtained from the Naira Rates disclosed that the naira to pound average rate was N993.7/£1, as the British currency appreciated by 0.08 per cent in value, from N992.9/£1. 

In addition, the European currency, the euro, was sold at an average rate of N850//€1. This means the price of the euro inched higher by N1.2 kobo from N848.8/€1.

Fakoyejo Olalekan

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