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Naira Watch

Foreign exchange rates record mixed outcomes in official, black markets



Naira exchanges for N562 per dollar, as CBN moves to stop the slide

The exchange rate between the naira and the United States Dollar (USD) closed at N777.82/$1 on Friday in the official market, according to the FMDQ Exchange.

The naira devalued by 1.27 per cent at the end of trading, while the dollar rate increased by N9.82 kobo from N768/$1 posted on Thursday.

It was also reported that before the American greenback ended trading at N777.82/$1, the dollar was traded at a high rate of N855/$1 and a low rate of N665/$1.

FMDQ Exchange also disclosed that the authorised dealers sold $77.99 million in foreign exchange, higher than the $58.22 million worth of forex traded the day before.

This shows that supply increased by $19.77 million or 33.95 per cent in the Investors’ and Exporters’ window of the official market.

READ ALSO:Dollar rate continues to rise

In the black market, the average rate of the dollar was put at N823.3/$1, according to the Naira Rates, the parallel market aggregator.

The price of the dollar was dropped by N36 from the N859.3/$1 rate offered on Thursday, as the naira appreciated in value by 4.18 per cent.

In the same vein, the average price of the pound dropped to N1074.9/£1 in the Bureau De Change window of the black market, from N1125/£1.

The euro was bought at an average price of N929.56/€1, which is N46.6 kobo lower compared to the N976.1/€1 rate offered the day before.

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