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Naira Watch

Black market forex dealers increase dollar rate, USD stabilises in official window



The exchange rate between the naira and the United States Dollar (USD) closed at N736.62/$1 on Friday in the Investors’ and Exporters’ window, indicating stability in the official market.

Recall that the naira exchanged for the dollar at a rate of N736.62/$1 on Thursday according to the official market aggregator, FMDQ Exchange.

A broader look showed that the exchange rate also went as high as N799.90 per dollar and traded at a low of N715.80/$1 during trading on Friday.

At the end of trading, foreign exchange report obtained from FMDQ Exchange showed that authorised dealers and their clients transacted $153.55 million worth of forex.

READ ALSO:Dollar rate drops to low of N588 in official window, closes at N744

This is a significant increase of $87.12 million or 131.14 per cent when compared to the $66.43 million in foreign exchange transactions recorded the preceding day.

Meanwhile, the black market recorded an increase in the rate of the dollar, as it was exchanged at an average price of N922.65/$1, compared to the N912.5/$1 offered the day before.

Similarly, the value of the pound rose in the parallel market to N1168.9/£1 according to Naira Rates. It was learnt that the price of the British currency appreciated by N15.4 kobo from N1153.5/£1.

Also, the average price of the euro increased by N10.8 kobo in the black market, rising from N990.9/€1 to N1001.7/€1 during trading on Friday.

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