Gap between black market and official window dollar rates widens to N59

The gap between the official and black markets’ dollar rates widened on Tuesday to N59.92 kobo, as the price in the former dropped, while it rose in the latter.

In the Investors’ and Exporters’ window of the official market, the price of the dollar depreciated slightly to N791.42/$1, from Monday’s N792.04/$1.

Although during trading, the naira to dollar rate rose as high as N845/$1. The USD also traded at the lowest rate of N730/$1.

Also, in the Investors’ and Exporters’ window, the foreign exchange traders recorded $51.55 million in forex transactions, according to FMDQ Exchange.

This is a $2.09 million or 4.22 per cent increase in the value of foreign exchange transactions, as investors and exporters in the official market traded $49.46 million on Monday.

READ ALSO:Dollar goes for N792 in official market, N847 in black market

Meanwhile, the dollar experienced a different outcome in the black market where it was traded at an average rate of N851.3/$1.

Authorised dealers in the Bureau De Change window of the parallel market increased their asking price by N4.28 kobo from the N847.02/$1 rate reported on Monday.

Similarly, the price of the pound was raised in the black market by N6.3 kobo to N1110.2/£1. The United Kingdom currency increased in value from N1103.9/£1.

Also, the naira to euro exchange rate went up from N952.5/€1 to N956.7/€1. The price of the European currency was hiked by N4.2 kobo.

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