Naira to dollar rate hits N800 in official window, crosses N900 in black market

The authorised dealers increased the price of the United States Dollar (USD) to N800/$1 on Monday, the highest rate of the American greenback during trading in the official market.

Although the price of the dollar also went as low as N740.59/$1 before closing at N772.12/$1, which is lower than the N778.42/$1 rate reported at the close of trading.

During trading in the official market, investors and exporters recorded $40.21 million in foreign exchange transactions, compared to the $73.80 million transacted on Friday.

According to the foreign exchange data report obtained from the FMDQ Exchange, forex traders dropped the value of their transactions by $33.59 million or 45.51 per cent.

READ ALSO:Dollar rate in black market, official window record different price movements

In the black market, dollar rate crossed N900 during trading, as it was offered at an average rate of N903.5/$1. This contrasted with the N898.6/$1 rate the United States currency went for on Friday.

Also, the United Kingdom’s currency, the pound, appreciated in value against the naira in the parallel market, as both currencies exchanged at an average rate of N1152.9/£1, rising from N1146.7/£1 rate.

This is according to the black market aggregator, Naira Rates, which reported an increase in the euro as well, having traded at an average rate of N988.3/€1, up from N983/€1.

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