Dollar rate drops, euro, pound go up

The official market traders recorded a 0.25 per cent or N2 drop in the price of the United States Dollar (USD) at the close of trading on Monday.

According to the FMDQ Exchange, the authorised dealers were willing to part with one dollar at the cost of N768.17, which is below the N770.17/$1 rate offered last week Friday.

Before the American greenback dropped to N768.17/$1, foreign exchange buyers and sellers traded the dollar at N840/$1, the highest rate of the day. The lowest rate for the day was N465/$1.

While the rate of the USD was swinging in the official market, authorised dealers and buyers traded $198.13 million in foreign exchange.

The forex exchanged by official market traders increased by $72.66 million or 57.9 per cent compared to the $125.47 million traded on Friday.

READ ALSO:Dollar, pound and euro rates rise in official, black markets

Ripples Nigeria noted that the N768.17/$1 rate in the official market was slightly above the average rate of N764.3 offered for one dollar in the black market.

Just as the dollar rate fell in the investors’ and exporters’ window of the official market, the USD also depreciated in the black market.

While the average rate of one dollar was N764.3 in the parallel market on Monday, according to Naira Rates, the black market aggregator, the USD was sold at N768.4/$1 on Friday.

The pound didn’t share the same fate, as the price of the British currency went up slightly by 0.08 per cent, from N992.9/£1 to N993.7/£1.

Also, the euro rate increased in the Bureau De Change window of the black market, as the buyers were offered the European currency at the rate of N850//€1, which is above Friday’s N848.8/€1.

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