Again, CBN’s authorised dealers raise dollar rate, as USD price rises in black market

The closing rate of the United States Dollar was N780/$1 on Thursday, as the naira depreciated in value by 2.88 per cent in the Investors’ and Exporters’ window of the official market.

Authorised dealers in the official foreign exchange window backed by the Central Bank of Nigeria (CBN) raised their asking price by N21.88 kobo from N758.12/$1 rate reported at the end of trading the previous day.

Also, it was gathered that the highest naira to dollar exchange rate for the day was N807.13/$1 and the lowest rate was N730/$1, forex data obtained from FMDQ Exchange disclosed.

The hike in the dollar rate didn’t discourage foreign exchange buyers from raising the value of their transactions by N16.84 million or 31.9 per cent in the investors’ and exporters’ window.

READ ALSO:Dollar rate hiked at official window, drops in black market

Both the authorised dealers and their clients recorded $69.74 million in foreign exchange transactions at the end of trading, surpassing the $52.87 million transacted by the forex traders the day before.

In the black market, the dollar rate closed high at N955/$1, compared to the N945.1 kobo the American greenback was sold at the end of trading on Thursday.

This was reported by Abokifx, which also stated that the naira fell to the British currency, the pound, in the parallel market, having closed at N1210/£1, in contrast to the previous day’s N1195.9/£1 rate.

Meanwhile, the price of the euro in the black market was also increased according to the aforementioned report, disclosing that the European currency was offered at a rate of N1005/€1, above the preceding day’s N995/€1 rate.

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