Naira Watch
Dollar falls to N475 in official window, heads towards N1000 in black market
The value of the United States Dollar (USD) fell to a low of N475/$1 on Wednesday in the investors’ and exporters’ window of the official market, FMDQ Exchange has revealed.
Also, the rate of the dollar rose to a high of N799.90/$1 during trading, before closing the session at N770.71/$1. The closing rate was slightly below the N776.60/$1 rate recorded on Tuesday.
At the end of the session, authorised dealers and their clients recorded $64.36 million in foreign exchange, falling below the $71.01 million worth of forex traded the preceding day.
The foreign exchange traders recorded a decrease of $6.65 million or 9.63 per cent in the value of forex transacted in the investors’ and exporters’ window.
READ ALSO:Naira appreciates against dollar in official window, falls in black market
Meanwhile, the dollar rate in the black market was N980/$1 on Wednesday, as the Bureau De Change operators increased their asking price from the N965/$1 offered the previous day.
Also, the parallel market exchange rate between the naira and the pound was increased to N1235/£1. The value of the British pound appreciated from N1230/£1, representing an increase of N5.
The black market traders transacted the euro at a rate of N1030/€1, rising slightly by N5, from the N1025/€1 rate offered the previous day, AbokiFX reported in its parallel market data.
Join the conversation
Opinions
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.