Official dollar rate drops as naira weakens in black market

The official market closed with the naira to dollar exchange rate settling at N742.10/$1 on Tuesday, according to the foreign exchange data released by the FMDQ Exchange.

It was learnt that the closing rate dropped from the N773.50 per dollar rate reported at the end of trading in the official market on Monday, indicating the price fell by N31.4 kobo.

However, the official dollar rate hit a peak of N807.15/$1 on Tuesday, but the United States currency also recorded a low of N738/$1 in the Investors’ and Exporters’ window.

In the I&E window,, the official market foreign exchange traders transacted $42.26 million worth of forex, rising from the $37.86 million transactions recorded the previous session.

The Investors and Exporters increased the value of their transactions slightly by $4.40 million. This is an increase of 11.62 per cent based on the data obtained from FMDQ Exchange.

READ ALSO:Dollar rate hiked at official window, drops in black market

In the black market, the forex dealers exchanged the dollar at an average rate of N921.81/$1, according to report from parallel market aggregator, Naira Rates.

During trading in the parallel market the preceding day, the United States currency was traded at an average of N917.5/$1. This is an increase of N4.31 kobo in the price of the dollar.

Similarly, the naira to pound rate dropped in the black market to an average of N1162.5/£1. The price rose by N7.5 kobo considering the British currency was sold at an average rate of N1162.5/£1 on Monday.

The price of the European currency, the euro, appreciated by N6.7 kobo, while the value of the naira dropped by 0.67 per cent, as both currencies exchanged at N1002.9/€1, in contrast to the previous day’s N996.2/$1.

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