Dollar trades as low as N465 in official market, as forex transactions drop by $34.48m

Foreign exchange traders in the Investors’ and Exporters’ window of the official market transacted $54.18 million worth of forex on Friday.

The authorised dealers and clients reduced the value of forex transacted by $34.48 million or 38.89 per cent compared to the $88.66 million reported on Thursday.

Ripples Nigeria gathered that the foreign exchange was transacted at a rate between N799.50/$1 and N465/$1, which were the highest and lowest rates on Friday.

Although the naira to dollar rate eventually settled at N775.76/$1 after trading hours in the Investors’ and Exporters’ window, against the N768.60/$1 rate reported the preceding day.

READ ALSO:Dollar trades as high as N869, closes at N768.60 in official market

Meanwhile, in the black market, the dollar was sold at N863.8/$1, with the value rising by N4.5 kobo from the preceding day’s N859.3/$1.

However, the value of the British pound depreciated by N11.2 kobo, as the average rate of the pound dropped from N1130.4/£1 to N1119.2/£1.

Also, the average price of the European currency, the euro, was raised in the parallel market by N9.7 kobo to N959.5/€1, from the N969.2/€1 rate reported the day before.

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