Naira to dollar rate closes at N789/$1, peaks at N804/$1 in official market

On Tuesday, the naira to dollar exchange rate closed at N789.08/$1 in the investors’ and exporters’ window of the official market.

Ripples Nigeria learnt that the United States currency costs investors and exporters N32.14 kobo more compared to the N756.94/$1 the USD closed at on Monday.

During trading in the official market, the American Greenback exchanged hands at a rate of N804/$1, the day’s peak, and also sold as low as N700/$1.

While both currencies traded at N789.08/$1 rate at the end of trading, it was gathered that foreign exchange traders transacted $67.33 million worth of forex.

READ ALSO:Naira value drops by N50, gap widens in official, black markets

The value of foreign exchange transacted slightly increased by $120,000 or 0.17 per cent from $67.21 million reported the preceding day.

In the black market, the price of the United States Dollar also rose to N865.3/$1, rising by N3, from the previous day’s N862.3/$1.

Similarly, the British currency, the pound, inched higher from N1124.3/£1 to N1125.4/£1, according to Naira Rates, a parallel market aggregator.

Although the euro traded flat in the black market, selling at an average rate of N963.1/€1, compared to the N963.6/€1 offered the day before.

Join the conversation

Opinions

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.

Donate Now