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Naira Watch

Dollar rate drops at black market, rises in official window



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.

READ ALSO:Dollar rate rises in black market, official window

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.

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