Naira Recovery Knocks Down Dollar Rate In Official Market

Dollar rate in official market was down on Tuesday, 2 May 2023, with the Naira recovering from drop reported on Friday, 28 April.

Due to the Workers’ Day public holiday on Monday, 1 May, the official market was closed, hence, no foreign exchange data for that day. 

According to the data released by the FMDQ, the exchange rate between the Dollar and the Naira settled at ₦462.33 kobo/$1 on Tuesday.

This is below the ₦463/$1 both currencies traded at the close of Friday’s trading session in the official market, which is backed by the Central Bank of Nigeria (CBN). 

It indicates Nigeria’s legal tender appreciated in value by 0.14 per cent, with the cost of the Dollar dropping by ₦0.67 kobo.

Dollar Rate in Official Market

Note that before the exchange rate closed Tuesday’s trading at ₦462.33 kobo/$1, the Dollar rate had risen as high as ₦466. Both currencies also traded as low as ₦460 before the trade closed for the day. 

FMDQ Exchange further revealed that the value of foreign exchange transacted in the Investors’ and Exporters’ window of the official market is $46.04 million.

Prime Business Africa notes that this is a 35.7 per cent drop for dollar rate in official market, as the value of forex transacted is N25.64 million below the $71.68 million traders exchanged last week Friday.

Fakoyejo Olalekan

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