Dollar Trades For N445.67 In Official Market, Black Market Offers USD At N850

The naira appreciated by 0.09 per cent against the dollar on Wednesday in the official foreign exchange market backed by the Central Bank of Nigeria (CBN).

Data obtained from the FMDQ Exchange disclosed that the exchange rate between the naira and dollar fell to N445.67 for one dollar.

However, on Tuesday, the United States currency had closed trading in the official exchange market with N446.10/$1, indicating the foreign currency weakened in value.

During trading, it was gathered that traders recorded $93.01 million transactions on Wednesday. This is more than the $72.69 million that was reported the previous session.

The highest transaction in the official market of the Investors and Exporters window was recorded on Monday, as FMDQ reported $206.25 million exchanged hands.

Note that in the black market, the dollar was sold for N850 per dollar on Thursday, according to a Bureau De Change operator stationed in Ogba. Prime Business Africa heard that he had sold the United States currency for N860 on Wednesday.

Fakoyejo Olalekan

+ posts

• Over N535.37bn Gained By Shareholders In Dangote Sugar, Tantalizer, Others
• Negative Signal: Board Director, Sola David-Borha, Sells Off All Shares In Stanbic IBTC
• NLC To Embark On Warning Strike On Tuesday
• CBN-backed Official Window Record Increase In Dollar Rate, USD Falls In Black Market