Business

Dollar hits a peak of N810 in official window, black market rate above N1000

Published

3 years ago

September 29, 2023

naira depreciated 0.10% to close at N832.32/$1 at the close of business on Thursday, the last day of November 2023 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) where forex is officially traded, showed.

The dollar rate in the investors’ and exporters’ window hit N810.78/$1 on Thursday, the highest rate for the day, and also fell to a low of N590/$1.

But FMDQ Exchange, the official window aggregator, said the dollar rate eventually closed at N775.31/$1. This is above the N755.08/$1 rate reported on Tuesday.

On Wednesday, the foreign exchange market was not opened due to the public holiday to celebrate the Muslim holiday, Eid el-Maulud.

At the end of trading in the investors’ and exporters’ window, authorised dealers and their clients traded $144.55 million in foreign exchange.

In the parallel market, the bureau de change operators demanded an average rate of N1008 per dollar, increasing their asking price slightly from N1000.

This was disclosed by AbokiFX, a black market aggregator, which also said that the pound rate rose by N5 to close trading at N1270/£1, above Tuesday’s N1265/£1.

At the end of trading in the parallel market, the street traders also increased their asking price for the euro, as the European currency costs buyers N1060/€1, up from N1055/€1.