Dollar rate falls in official channel, drops N44 in black market

The United States Dollar (USD) traded at N739.52/$1 at the close of official trading on Friday, with foreign exchange traders maintaining the value of forex transacted on the back of strong naira.

In a report by FMDQ Exchange, the naira appreciated in value by 0.15 per cent, dragging down the price of the dollar by N1.55 from Thursday’s N740.67/$1 rate.

Ripples Nigeria gathered that during trading in the official market, the highest the dollar went for was N799/$1 on Friday, with the lowest the United States currency was sold being N739/$1.

With the Naira regaining its lost value to the dollar, the value of foreign exchange transactions stood at $130.92 million, a similar worth of forex traded in the Investors’ and Exporters’ the day before.

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

In the black market, the naira continued its positive performance against the dollar, which dropped N44.5 kobo in price, while the Nigerian currency grew by 5.07 per cent in value.

According to Naira Rates, the black market aggregator, the dollar was sold at an average rate of N832.9/$1 on Friday, compared to the N877.4/$1 reported during trading the previous day.

It was learnt that the pound was traded at an average rate of N1075.4/£1, as the cost of the British currency dropped by N57.4 kobo in the parallel market, from the preceding day’s rate of N1,132.8/£1.

The naira also gained against the euro in the black market, as both currencies were traded at an average rate of N918.4/€1, falling below the N971.5/€1 rate reported on Thursday.

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