Dollar, pound and euro rates rise in official, black markets

In the investors’ and exporters’ window of the official market, foreign exchange traders transacted the dollar at a rate of N765.13/$1 at the close of trading on Thursday.

The price of the dollar increased slightly by N1.96 kobo from the N763.17/$1 the naira was traded for the American greenback on Wednesday.

Even though the naira to dollar exchange rate closed at N765.13/$1, at some point during trading, foreign exchange traders saw the price of one dollar rise to a high of N801/$1, as well as trading at a low of N446.32/$1.

In spite of the fluctuation, authorised dealers and their clients recorded $204.84 million in foreign exchange transactions for the day.

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This is an increase of $108.40 million or 112.40%, bearing in mind that foreign exchange traders had transacted $96.44 million in the investors’ and exporters’ window the day before.

Traders in the black market exchanged the naira for the United States Dollars at an average rate of N763.7/$1, as the cost of the USD inched higher from N760.3/$1 on Wednesday.

Likewise, the naira depreciated in the parallel market, as the cost of the British pound increased from N983.4/£1 to N990.7/£1 during trading.

In the same way, the value of the European currency, euro, rose from N843.3/€1 reported the day before, to N853.1/€1 the day after.