Dollar rate at official window up by N34, rises N7 in black market

The official market closed trading on Thursday with the naira to dollar exchange rate settling at N776.50/$1, according to FMDQ Exchange.

The price of the United States currency was increased by N34.86 kobo in the official market compared to the previous day’s N741.64/$1.

It was also revealed that the naira to dollar rate rose as high as N804/$1 and dropped as low as N700/$1 during trading.

Also, investors and exporters traded $44.43 million in foreign exchange, reducing the value of forex transactions by 66.87 per cent.

READ ALSO:Naira to dollar rate closes at N789/$1, peaks at N804/$1 in official market

This means the value of forex transacted by foreign exchange traders dropped by $89.69 million from the $134.12 million reported on Wednesday.

Note that the foreign exchange traders in the black market transacted the USD at an average rate of N872.8/$1, rising by N7.5 kobo, from the preceding day’s N865.3/$1.

The value of the pound also increased during trading in the parallel market on Thursday, with the average rate of the British currency going for N1131.8/£1, against the previous day’s N1122.1/£1.

This was disclosed by the black market aggregator, Naira Rates, which also revealed that the euro was sold at an average rate of N972.7/€1, up from N964.3/€1.

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