Dollar rate falls at official market

The value of the dollar fell in the investors’ and exporters’ window on Tuesday, as the naira appreciated against the United States currency by 1.78%.

According to the FMDQ Exchange, the platform aggregating the official market rate, the naira to dollar rate closed at N756.61/$1.

The data obtained showed that the authorised dealers and their clients cut the price of the dollar down by N13.77 kobo, as they had traded the American greenback at N770.38/$1 rate on Monday.

It was gathered that the dollar rate hit N781/$1 during trading. This was the highest rate of the day, but it also traded at the lowest rate of N465/$1.

Following trading activities, FMDQ Exchange disclosed that $134.47 million in foreign exchange were transacted at the investors’ and exporters’ window.

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Foreign exchange supply increased by $72.3% or $56.44 million at the end of Tuesday’s session, up from $78.03 million forex traded the preceding day.

In the black market, the dollar went for N759.1/$1, rising from N757.4/$1 reported by parallel market aggregator, Naira Rates.

Similarly, the British pound increased in value against the naira, as both currencies traded at N987/£1, above the N985.9/£1 offered the day before.

Buyers interested in the euro were sold the European currency at an average rate of N843.6/€1, higher than the N841.2/€1 rate they bought the foreign currency the previous day.