Naira To Dollar Rate Fall To N756 In Official Market, Increases In Black Market

The naira to dollar rate closed at N756.61/$1 in the investors’ and exporters’ window of the official market on Tuesday, 19 June.

Prime Business Africa learnt from the FMDQ Exchange that the price of the dollar depreciated by N13.77 kobo or 1.78% from Monday’s N770.38/$1 rate. 

However, before the investors’ and exporters’ window closed, the highest dollar rate for the day was N781/$1 during trading, while the lowest rate was N465/$1.

In the official market, foreign exchange worth $134.47 million was transacted among investors and exporters, FMDQ Exchange reported. 

This is more than the $78.03 million in foreign exchange transactions recorded the previous day. This is an increase of $72.3% or $56.44 million. 

The dollar didn’t share the same fate in the black market where the naira exchanged for the United States currency at the rate of N759.1/$1. 

According to the Naira Rates, a parallel market aggregator, the dollar rate inched higher by N1.7 kobo or 0.22%  compared to the N757.4/$1 rate reported on Monday.

Furthermore, the naira to pound exchange rate was N987/£1, costing buyers more than the N985.9/£1 rate posted the preceding day. This is N1.1 kobo or 0.11% increase.

It was further disclosed that the black market operators sold the European currency, the euro, at N843.6/€1, slightly above the N841.2/€1 rate recorded the day before.

Fakoyejo Olalekan

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