Official, Black Markets’ Forex Dealers Increase Dollar Rate

In the investors’ and exporters’ window on Tuesday, the authorised dealers closed foreign exchange trading with N789.08/$1 rate.

The authorised dealers increased the price of the dollar from N756.94/$1 rate offered on Monday, indicating the naira depreciated in value by N32.14 kobo.

In a foreign exchange data released by FMDQ Exchange on Tuesday, it was learnt that the value of the dollar fluctuated between N804/$1 and N700/$1. 

Also, the data showed that foreign exchange traders transacted $67.33 million worth of forex, reflecting supply inched higher by $120,000. 

During trading in the official market the previous day, authorised dealers and their clients had transacted $67.21 million in foreign exchange.

Also, reports from Naira Rates, the black market aggregator, disclosed that the average naira to dollar rate was N865.3/$1, up from N862.3/$1. 

The report further revealed that the average naira to pound rate increased slightly to N1125.4/£1. The day before, the British currency was sold at N1124.3/£1. 

However, the naira to euro rate didn’t share the same outcome, as the European and Nigerian currencies exchanged at N963.1/€1, similar to Monday’s N963.6/€1.

Fakoyejo Olalekan

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