Official window dollar rate rises, as black market USD rate remains stable

The official authorised dealers slightly increased the price of the United States Dollar (USD) by N7.49 kobo, as the exchange rate closed at N747.87/$1 on Monday, compared to Friday’s N740.38/$1.

Although during trading, the price of the dollar went as high as N799.90/$1 and as low as N730/$1 before eventually closing at N747.87/$1.

Following the increase, a decline was recorded in the foreign exchange transactions, as FMDQ Exchange reported $74.64 million worth of forex were traded.

This is significantly lower compared to the $178.53 million worth of forex transactions recorded on Friday in the Investors’ and Exporters’ window of the official market.

READ ALSO:Dollar rate up in official window, black market traders drop price

Based on the foreign exchange transactions reported by the official market aggregator, the value of forex transacted fell by $103.89 million or 58.19 per cent.

Also, in the black market, the rate of the dollar was largely stable according to Naira Rates, a parallel market, which reported that the average USD exchange rate was N903.5/$1, the same rate posted on Friday.

Similarly, the black market average exchange rate between the pound and the naira traded flat at N1162.1/£1, while the European currency, the euro, was sold at an average rate of N994.6/$1.

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