Official Window, Black Market Dollar Rates Rise As Naira Depreciates

On Tuesday, the naira dropped in value by 0.41 per cent, as the exchange rate to the dollar settled at N775.34/$1 in the Investors’ and Exporters’ window of the official market.

The day before, the exchange rate between both the United States and Nigerian currencies closed at N772.12/$1 rate, indicating the cost of the dollar rose by N3.22 kobo.

This was disclosed by the official market aggregator, FMDQ Exchange, which also stated that the dollar was sold as high as N799.90/$1 and as low as N701/$1.

Prime Business Africa learnt that during trading in the official market, investors and exporters recorded $71.32 million in foreign exchange transactions, above the $40.21 million posted on Monday.

The official market recorded an increase of $31.11 million or 77.36 per cent in the value of the foreign exchange transacted in the Investors’ and Exporters’ window.

Also, the Naira Rates, the black market aggregator, stated that the average rate of the United States Dollar (USD) was N920.1/$1 during trading, rising from N903.5/$1 reported the day before.

Similarly, the average rate of the pound in the Bureau De Change window rose to N1177.6/£1, contrasting with the N1152.9/£1 rate the British currency cost on Monday.

Furthermore, the parallel market aggregator reported that the naira to euro average rate was increased from N988.3/€1 rate reported the preceding day to N1009.5/€1.

Fakoyejo Olalekan

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