Dollar goes for N792 in official market, N847 in black market

The FMDQ Exchange reported that the price of the dollar was raised by N14.22 kobo or 1.82 per cent at the end of trading on Monday.

According to data obtained from FMDQ, the United States Dollar closed at N792.04/$1, rising from Friday’s N777.82/$1 rate.

The data showed that both currencies had traded at N855/$1, the highest rate of the day, but also traded at a low of N650/$1.

At the end of trading, the value of foreign exchange traded by authorised dealers and the clients were put at $49.46 million.

READ ALSO:Dollar to naira rate goes up by N20 in official window, stable in black market

Foreign exchange traders recorded a 36.58 per cent drop in the value of foreign exchange transacted compared to $77.99 million worth of forex reported on Friday.

Meanwhile, the average naira to dollar exchange rate in the Bureau De Change window of the official market was N847.02/$1, up from N823.3/$1.

The black market average rate for the naira to pound was put at N1103.9/£1, which is N29 higher than the N1074.9/£1 rate disclosed on Friday.

Similarly, the naira to euro rate closed upward, moving from N929.56/€1 to N952.5/€1, as the cost of the European currency increased by N22.94 kobo.

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.

Donate Now