Foreign exchange traders in the black market sold the dollar at an average rate of N743.9/$1 during trading on Monday, as the value of the naira depreciated by 0.08%.
The dollar rate in the Bureau De Change window of the black market increased slightly by N0.6 kobo, up from the N743.3/$1 rate reported the day before by Naira Rates, a forex aggregator platform.
Although the naira held its ground against the British pound sterling, with both currencies exchanged at the rate of N937.2/£1, below the N946.1/£1 the pound went for on Friday.
The same went for the euro, which depreciated in price by N4.6 kobo or 0.5% to N808.2/€1, in contrast to the previous day’s N812.8/€1.
However, the foreign exchange rate between the naira and the dollar continues to trade flat at N464.67/$1 in the official market, according to the FMDQ Exchange, the same rate since last week Thursday.
During trading, the day’s highest rate was N467/$1 and the lowest offer was N460/$1 before the naira to dollar rate closed at N464.67/$1.
While the dollar rate has been stable in the official market, the value of foreign exchange traded has been fluctuating and declining.
At the end of trading on Monday, over $77.48 million in foreign exchange was transacted, falling short of the $98.90 million traded on Friday.
This is $21.42 million or 21.65% decline in the value of forex transacted. Also, the foreign exchange traded yesterday was below the $250.98 million traded on Thursday.
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