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Naira Watch

Forex dealers hike dollar rate in official window, black market



FMDQ Exchange reported that the authorised dealers in the official window increased the rate of the United States Dollar (USD) by N9.76 kobo to N747.76/$1 on Friday at the close of trading.

The authorised dealers had closed trading in the investors’ and exporters’ window with N738 per dollar the previous day, reflecting the naira continued to struggle against the USD.

Note that the highest rate the dollar was exchanged during trading on Friday was N799.90/$1 and the lowest the United States currency was sold for the day was N700/$1.

According to the report by FMDQ Exchange, the foreign exchange traders recorded $153.75 million worth of forex transactions, falling below the $218.68 million reported on Thursday.

READ ALSO:Domestic airlines demand special forex window to buy dollars

This means at the end of trading in the investors’ and exporters’ window on Friday, the value of forex transacted depreciated by $64.93 million or 29.7 per cent.

Meanwhile, the black market closed with the naira to dollar rate averaging N995/$1, as AbokiFX, the parallel window aggregator, reported the rate rose from N990/$1.

For the pound, the parallel market sold the British currency at the rate of N1250/£1. The UK currency recorded an increase of N5, considering the value appreciated from N1245/£1.

Also, the black market forex dealers sold the euro at the worth of N1040/€1. This is the same rate they demanded at the close of trading on Thursday.

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