Black market increase dollar rate, price of pound, euro fall

The dollar rate in the investors’ and exporters’ window at the official market was N763.17/$1 at the close of trading on Wednesday.

The rate increased by N6.56 kobo from the N756.61/$1 rate the previous day, indicating the naira weakened by 0.86%.

However, during trading, the authorised dealers had exchanged the naira to the dollar at N815/$1, the highest rate for the day, while the lowest rate was N476/$1.

At various prices, investors and exporters traded $96.44 million in foreign exchange after the session ended, according to FMDQ Exchange.

READ ALSO: Naira hits N815/$ at official window, highest since 2018

The value of the transaction dropped by $38.03 million or 28.2%, considering the supply of foreign exchange was $134.47 million on Tuesday.

Meanwhile, in the black market, the naira to dollar average rate was N760.3/$1, in contrast to the N759.1/$1 rate offered on the day before.

This was revealed by parallel market aggregator, Naira Rates, which also disclosed that the British pound was sold at N983.4/£1, against the previous day’s N987/£1 rate.

Also, the parallel market offered the European currency, the euro, at N843.3/€1, slightly below the N843.6/€1 rate it was sold on Tuesday.