Forex transactions fall by $89.61m in official window amid increase in dollar rate

The total foreign exchange transactions in the investors’ and exporters’ window of the official market fell to $64.14 million on Monday, as the dollar rate increased.

In a report released by the FMDQ Exchange, the value of foreign exchange traded by authorised dealers and their clients fell by $89.61 million compared to Friday’s $153.75 million worth of forex.

The 58.3 per cent dip in the value of foreign exchange transactions followed the N25.49 kobo increase in the price of the United States currency.

It was gathered that the official rate of the dollar closed at N773.25/$1, rising by 3.40 per cent from the previous day’s N747.76/$1 rate.

READ ALSO:Dollar falls to N475 in official window, heads towards N1000 in black market

However, the foreign exchange report showed that the naira to dollar exchange rate’s highest and lowest prices for the day were N799.50/$1 and N730/$1, respectively.

Although the American greenback in the parallel window traded flat at N995/$1, according to AbokiFX, a black market aggregator.

But the pound recorded a different story in the black market, as the currency of the United Kingdom increased from N1250/£1 to N1260/£1.

It was further disclosed that the naira exchanged the euro at the cost of N1045/€1 in the parallel window. This is higher than the N1040/€1 offered on Friday.

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