Naira Watch
Dollar exchanges for N740 in black market, hits N464.67 in official window
The official foreign exchange market closed Tuesday’s trading at N464.67 kobo/$1, as investors and exporters were charged more for the purchase of the Dollar.
According to data obtained from the FMDQ Securities Exchange, the Naira depreciated in value by –0.14 per cent, with the cost of the Dollar up by N0.67 kobo.
The data showed that the foreign exchange rate settled above the N464/$1 reported during trading the previous day.
Bear in mind that before the Dollar rate closed at N464.67 kobo/$1 on Tuesday, the American currency initially exchanged hands at N467/$1, the highest level during the day.
READ ALSO:Dollar gains against Naira amid decline in foreign reserves
FMDQ reported that traders also saw the Naira to Dollar rate hit a low of N460 during foreign exchange transactions, but at the end of the business hour in the official market, the rate settled at N464.67 kobo/$1.
It was revealed that investors and exporters transacted $127.72 million in foreign exchange, which is a $72.62 million or 131.7 per cent increase compared to the $55.10 million they traded on Monday.
In the black market, Bureau De Change operators that spoke with Ripples Nigeria said the Naira to Dollar exchange rate was N740/$1 on Tuesday evening.
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