Dollar extends upward swing as official window sells at N773

The dollar rate extended its upward swing on Wednesday, after closing at N773.42/$1 in the Investors’ and Exporters (I&E) window of the official market, according to FMDQ Exchange.

Data obtained from the official market rate aggregator showed that the price of the United States currency inched higher from the previous day’s N770.72/$1 rate.

Black market operators increase dollar rate, as official window sells at N773

The exchange rate between the naira and the dollar fluctuated between N799.90/$1, the day’s high, and N700/$1, the lowest rate offered before trading closed in the official market.

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The dollar’s continuous upward movement weighed on foreign exchange transactions, as the value of forex traded in the I&E window depreciated by 147.50 per cent.

This means authorised dealers sold $66.88 million less of forex, as the total worth of transactions recorded on Wednesday was $45.34 million, dropping from $112.22 million posted the preceding day.

Meanwhile, in the black market, the dollar rate crossed the N900 mark, trading at an average price of N901/$1. The naira depreciated in value by N33.5 kobo, having closed trading the day before with N867.5/$1.

The price of the pound also rose significantly to N1163.6/£1, costing N38.3 kobo more than it did on Tuesday, when the average rate of the British currency was N1125.3/£1.

In similar fashion, the average rate of the euro increased from N961.3/€1 to N988.2/€1, according to Naira Rates, a black market aggregator. This is a N26.9 kobo hike in the price of the European currency.