Dollar sells between N700 and N800 at CBN’s official window, down in black market

The naira to dollar exchange rate fell between the range of N800 and N700 on Friday in the Investors’ and Exporters’ window of the official market.

Ripples Nigeria learnt the highest rate of the day was N800 and the lowest price the dollar was offered was N700/$1, as the naira appreciated against the United States currency.

The official market dollar rate closed at N740.38/$1, indicating the authorised dealers dropped their asking price by N22.33 kobo from N762.71/$1 offered at the end of Thursday’s session.

While the price of the dollar declined by 2.92 per cent, the value of foreign exchange transactions recorded in the I&E window rose to $178.53 million.

The supply of foreign exchange increased by $92.74 million or 108.1 per cent from the $85.79 million in foreign exchange reported the previous day of trading.

Furthermore, in the Bureau De Change window of the black market, the average dollar rate fell slightly to N903.5/$1 on Friday. During trading the preceding day, the USD was sold at an average rate of N905.9/$1.

Also, the average rate of the British pound in the black market according to Naira Rates, a parallel window aggregator, was N1162.1/£1, depreciating from N1167 6/£1.

The price of the euro also dropped in the black market, with the average rate of the European currency placed at N994.6/€1, compared to the N1000.7/€1 rate posted on Thursday.

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