Dollar Sells At N778/$1 In CBN-backed Official Window, Stabilises In Black Market

In the Investors’ and Exporters’ window of the official market on Friday, the United States Dollar (USD) rate closed at N778.42/$1, up from N771.69/$1 reported on Thursday.

This is according to the FMDQ Exchange, the official market aggregator, which also revealed that the naira to dollar rate peaked at N799.90/$1 and a low of N700/$1 on Friday.

With the cost of the United States currency rising by N6.73 kobo, investors and exporters recorded a drop of $47.80 million in the value of foreign exchange traded in the official market.

In the report obtained from the FMDQ Exchange, the foreign exchange traders transacted $73.80 million worth of forex, which is a 39.30 per cent decline from the $121.60 million exchanged on Thursday.

Furthermore, the Naira Rates, a parallel market aggregator, reported that the average naira to dollar rate was N898.6/$1 on Friday. Recall that Prime Business Africa reported that the USD traded at a similar rate the day before.

Meanwhile, the black market aggregator also disclosed that the average naira to pound rate depreciated from N1157.2/£1 reported the previous day to N1146.7/£1 rate.

The naira also grew stronger against the European currency, the euro, in the black market, having traded at an average rate of N983/€1 on Friday, compared to the preceding day’s N989.1/€1 rate.