The foreign exchange (forex) rate between the Naira and the United States Dollar settled at N464.67/$1 on Wednesday in the official forex market.
This is above the N464.50 kobo/$1 rate both currencies closed on Tuesday. The Naira depreciated in value by -0.03 per cent and the cost of the Dollar rose by N0.17 kobo.
Prior to the foreign exchange closing at N464.67/$1, both the Naira and the Dollar rate peaked at N467/$1, as well as traded at a low of N467/$1.
Ripples Nigeria gathered that at the end of trading, investors and exporters transacted $163.74 million worth of foreign exchange.
The forex transaction was higher than the $120.36 million recorded on Tuesday. They increased the value of transactions by N43.38 million or 36.04 per cent.
Also, in the Bureau De Change window of the black market, the Dollar rate dropped slightly to N750/$1, from N751.1/$1 reported on Tuesday.
The Euro currency followed the same path, settling at N813.6/€1, against the N815.2/€1 traders bought the foreign banknotes the previous day.
However, the rate between the Naira and the British Pound closed high at N942.5/£1, above the $942.1/£1 both currencies exchanged the day before.
Join the conversation
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.
SPECIAL REPORT: Shell’s inaccurate data raises questions around efforts to control methane emissions in Nigeria
Much worse for the environment than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a...
FEATURE…Missing Rig Workers: Tragedy, Injustice and the Depthwize cabal
The serene landscape of Ovhor in Delta State bore witness to a disaster that shook the nation’s conscience. The capsize...
FEATURE… In the shadow of kidnappers: The story of Nigeria’s albatross
For decades, Nigeria has been grappling with a problem that has threatened the safety and stability of its people: kidnapping....
FEATURE: The falling standard of education in Nigeria today: Whose Fault?
Over the years, education has proven to be the fulcrum facilitating national development in any state. Through education, knowledge is...
INVESTIGATION: Failed multi-million naira constituency water projects litter Sokoto communities
Many rural communities in Sokoto State are at the risk of an outbreak of diarrhea and other diseases due to...