Forex traders buy dollars at higher prices at official window, black market

It cost investors and exporters N462.73 kobo to buy $1 at the close of trading in the official market on Thursday, as the Naira depreciated by 0.06 per cent.

The cost of the Dollar increased by N0.29 kobo, considering the foreign exchange rate closed at N463.02 at the end of the preceding day’s session.

However, before the Naira to Dollar rate halted at N462.73/$1, the foreign exchange rate inched higher to N467/$1 on Thursday and also hit a low of N460 per Dollar during trading.

Interestingly, despite the price of the dollar appreciating, investors and exporters traded $164.12 million in foreign exchange transactions.

READ ALSO:Dollar gains against Naira amid decline in foreign reserves

According to data from the FMDQ Exchange, this is $14.56 million or 8.14 per cent less than the $178.68 million transacted by traders in the Investors’ and Exporters’ window.

Meanwhile, the Pound sterling was sold at N580.6/£1 and the exchange rate between the Naira and the Euro closed at N504.1/€1 at the official market, according to data from the Central Bank of Nigeria (CBN)

In the black market, the Naira to Dollar exchange rate was N745/$1 on Thursday, rising from N743/$1 recorded at the end of trading on Wednesday.

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