Dollar exchange rate drops against Naira at official market

The price of the United States Dollar (USD) fell to as low as N588/$1 in the official market on Tuesday before trading closed in the market supported by the Central Bank of Nigeria (CBN).

This was disclosed by the official market aggregator, FMDQ Exchange, which also reported that the naira to dollar rate hit a peak of N799.83/$1 the same day.

However, the dollar rate in the Investors’ and Exporters’ window of the official market recorded a steep drop to N744.97/$1 at the end of trading, compared to Tuesday’s N747.87/$1.

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This showed the naira appreciated by 0.38 per cent in value and the price of the United States currency fell slightly by N2.9 kobo according to data obtained.

Furthermore, the total value of foreign exchange traded by investors and exporters was $63.60 million, down from $74.64 million worth of forex transacted the day before.

Meanwhile, Naira Rates, a parallel market aggregator reported the dollar increased in value to N920.9/$1, rising from N903.5/$1, indicating the price rose by N17.4 kobo.

The average price of the pound also appreciated in the black market, rising by N12.5 kobo to N1174.6/£1. During trading the previous day, average rate was N1162.1/£1.

It was gathered that the exchange rate between the naira and the euro also went up, hitting an average price of N1004.6/€1, compared to the N994.6/€1 posted the preceding day.