Naira recovers against dollar, as exchange rate drops in black market, official window

The Investors’ and Exporters’ (I&E) window closed with the United States Dollar (USD) settling at N771.69/$1 on Thursday, as the naira recovered against the American greenback.

According to foreign exchange data released by the FMDQ Exchange covering the official market, the exchange rate between the naira and the dollar contrasted with Wednesday’s N773.42/$1 rate.

Although during trading, the exchange rate went as high as N799.90/$1, and as low as N700/$1, maintaining the range reported during the preceding day’s forex market activities.

Following the declining in the price of the dollar, authorised dealers and their clients transacted $121.60 million in foreign exchange, Ripples Nigeria gathered from the data.

READ ALSO:Black market operators increase dollar rate, as official window sells at N773

It showed that the foreign exchange traders increased the value of their transactions by $76.26 million or 168.19 per cent, from $45.34 million reported on Wednesday.

Also, the black market experienced a decline in the value of the dollar, as the United States currency was offered at an average rate of N898.6/$1, contrasting with the N901/$1 posted the day before.

In the same vein, the pound nosedived in value in the parallel market, as it traded at an average rate of N1157.2/£1. During trading the previous day, the average rate the British currency went for was N1163.6/£1.

However, the price of the euro in the black market went up during trading, rising from N988.2/€1, to sell at an average rate of N989.1/€1 on Thursday.

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