Official dollar rate increases, black market records fall in USD price

In the Investors and Exporters’ (I&E) window of the official market on Tuesday, the naira to dollar exchange rate ended trading at N770.72/$1, up from N761.32/$1 on Monday.

The price of the dollar increased by N9.2 kobo, knocking down the value of the naira by 1.23 per cent in the official market, the FMDQ Exchange disclosed in its forex market data.

Also, according to the official market aggregator, the dollar was sold as high as N799.90/$1 and as low as N720/$1 before the curtain closed on N770.72/$1.

The increase in the cost of the United States currency didn’t deter foreign exchange traders from raising their demand, as they transacted $112.22 million worth of forex.

READ ALSO:Dollar rate falls in official channel, drops N44 in black market

Ripples Nigeria gathered that the value of foreign exchange traded settled above the $64.93 million in foreign exchange transactions recorded on Monday.

Meanwhile, Naira Rates, a parallel aggregator, stated that the average dollar rate in the black market was N867.5/$1. The price of the USD depreciated by N6.8 kobo, from N874.3/$1.

Interestingly, the parallel market pound also depreciated in value, falling to N1125.3/£1 average rate, contrasting with the preceding day’s N1129.6/£1.

The euro also followed the downward path in the black market, as its average rate was placed at N961.3/€1, compared to the N965.2/€1 reported during business hours on Monday.

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