The dollar rate in the investors’ and exporters’ window of the official market closed down on Friday, as the value of the naira increased by 2.96 per cent, according to foreign exchange data obtained by FMDQ Exchange.
According to the data, the price of the dollar was brought down by N23.09 to sell at N756.91/$1 at the close of trading, compared to the N780/$1 rate reported on Thursday.
During trading in the investors’ and exporters’ window, the forex client bought the United States currency as high as N804.14/$1 and as low as N720/$1.
Also, trading closed with the authorised dealers and their clients recording $45.88 million in foreign exchange transactions, with data disclosing that they dropped the value of their transactions despite the price of the dollar declining.
The value of the foreign exchange recorded fell below the $69.74 million traded during the session the previous day. This is a decline of $23.86 million or 34.21 per cent.
Foreign exchange traders in the black market saw the rate of the dollar climb to N960/$1, based on a report from AbokiFX. Dealers increased the price slightly by N5 from the preceding day’s N955/$1.
Also, the naira to pound rate inched higher by N10 in the parallel market, closing at N1220/£1, rising from the N1210/£1 rate offered the day before.
In the same vein, the European currency, the euro, appreciated in value by N10, as the exchange rate between the European currency and the naira moved upward to N1015/€1, against Thursday’s N1005/€1 rate.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: Poorly executed classroom projects force children out of school in Niger State
Once a vibrant hub of learning for pupils, Kodo Primary School now resonates a stark contrast to its former days...
SPECIAL REPORT: Shell’s inaccurate data raises questions around efforts to control methane emissions in Nigeria
Much worse for the environment than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a...
FEATURE…Missing Rig Workers: Tragedy, Injustice and the Depthwize cabal
The serene landscape of Ovhor in Delta State bore witness to a disaster that shook the nation’s conscience. The capsize...
FEATURE… In the shadow of kidnappers: The story of Nigeria’s albatross
For decades, Nigeria has been grappling with a problem that has threatened the safety and stability of its people: kidnapping....
FEATURE: The falling standard of education in Nigeria today: Whose Fault?
Over the years, education has proven to be the fulcrum facilitating national development in any state. Through education, knowledge is...