Naira Watch

Dollar up N16 in official window, settles at N930 in black market

Published

8 months ago

September 14, 2023

Foreign exchange dealers in the investors’ and exporters’ window of the official market increased the price of the United States Dollar (USD) by N16.02 on Wednesday.

This indicated the value of the naira fell by 2.15 per cent in the official market after the cost of the dollar rose to N758.12/$1, from the closing rate of N742.10/$1 on Tuesday.

The FMDQ Exchange reported the appreciation in the investors’ and exporters’ window. It however, disclosed that before the market ended, both currencies were traded at N807.14/$1 and N720/$1, both of which are the highest and lowest rates of the day respectively.

Foreign exchange traders in the official market increased their forex transactions by N10.61 million or 25.10 per cent as the naira shed some value to the United States currency.

Data from FMDQ Exchange disclosed that the authorised dealers and their clients traded $52.87 million in foreign exchange, which is below the $42.26 million recorded the previous day.

Meanwhile, abokiFX reported that the dollar was sold in the black market at the rate of N945/$1, up from N930/$1, indicating the naira plummeted against the American greenback

Also, the United Kingdom’s currency, the pound, was sold to parallel market customers at the rate of N1195/£1, while the euro was offered at a price of N995/€1.

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