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Naira Watch

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



The United States Dollar (USD) recovered on Monday to close high at N773.98/$1 in the investors’ and exporters’ window of the official market, against Friday’s N756.91/$1 rate.

This is an increase of N17.07 kobo in the rate of the dollar and 2.25 per cent dip in the value of the naira, according to the foreign exchange data obtained from FMDQ Exchange.

However, the official market aggregator reported that the naira to dollar rate also rose to N799.90/$1, which is the day’s high, while the lowest the USD was exchanged was N700/$1.

Also, the foreign exchange traders in the investors’ and exporters’ window transacted $64.22 million worth of forex, compared to the $45.88 million transactions reported on Friday.

READ ALSO:Naira appreciates against dollar in official window, falls in black market

The total value of foreign exchange transactions recorded between Friday and Monday appreciated by 39.9 per cent. This represents an increase of $18.34 million in forex supply.

In the Bureau De Change window of the black market, the dollar was exchanged at an average rate of N960/$1 on Monday, according to the parallel window aggregator, AbokiFX.

The pound traded at N1220/£1 at the end of trading in the black market, while the value of the European currency, the euro, was put at N1020/€1.

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