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Naira Watch

Naira drops further, now N965/$1 black market



Naira continues free fall against U.S dollar

Foreign exchange authorised dealers in the investors’ and exporters’ (I&E) window slightly raised the rate of the dollar to N776.60/$1 on Tuesday, from N773.98/$1 rate reported on Monday.

The highest the United States currency was traded in the I&E window of the official market was N799.90 per dollar. Although it hit a low of N720/$1, FMDQ Exchange stated in its forex market data.

Within the hours the official market was opened, the foreign exchange dealers reported that they traded a total of $71.01 million worth of forex.

The value of forex transacted increased by $6.79 million or 10.57 per cent, compared to the $64.22 million posted at the end of the official market activities the day before, the data showed.

READ ALSO:Naira to dollar exchange rate up by N17 in official window, hits N960 in black market

Meanwhile, Aboki FX, a parallel market aggregator, reported that the rate of the dollar went up by N5, as the black market offered the USD to the public at N965/$1, against Monday’s N960.

Also the price of the pound was increased by N10 in the black market, after the British currency was sold at N1230/£1. The previous day, the UK currency was offered at a rate of N1220/£1.

The report also disclosed that the average parallel price of the euro was N1025/€1. The rate of the European currency was increased by N5, compared to the N1020/€1 rate recorded at the end of trading the preceding day.

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