Dollar rate rises at parallel market, exchanges at N874/$1

The Dollar rate increased to N874.3/$1 at the parallel market on Monday as against the N832.9 to a Dollar it closed at on Friday.

Also, the value of the pound appreciated by N54.2 kobo in the parallel market to N1129.6/£1, compared to the average rate of N1075.4/£1 reported on Friday.

In the same vein, the European currency, the euro, exchanged at an average rate of N965.2/€1, against the previous day’s N918.4/€1.

FMDQ Exchange reported the official exchange rate between the naira and the dollar closed at N761.32/$1 on Monday, contrasting with Friday’s N739.52/$1.

The rate of the United States currency increased by N21.8 kobo and the value of the Nigerian currency depreciated by 2.94 per cent in the official market.

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Before the official market closed, the highest rate the authorised dealers and their clients traded the dollar was N799.90/$1, but it was also exchanged at the lowest rate of N700/$1.

Both the authorised dealers and their clients transacted $64.93 million in foreign exchange, reducing the value of transactions on the back of an increased dollar rate.

The value of foreign exchange transacted in the Investors’ and Exporters’ window dropped by $65.99 million or 50.4 per cent from the preceding day’s $130.92 million.

Meanwhile, Nigeria’s currency in circulation recorded a decline in July 2023, according to the latest data from the Central Bank of Nigeria (CBN)

The data showed that the currency in circulation dropped to N2.59 trillion in July 2023 from N2.6 trillion in June 2023, marking the first monthly decrease since February 2023 when it plunged to N982 billion following the naira swap crisis.

Currency outside banks also fell slightly from N2.26 trillion in June to N2.20 trillion in the month under review.

The CBN has been implementing various policies to stabilize the naira and curb inflation, such as increasing the cash reserve ratio (CRR) of banks, conducting open market operations (OMO), and adjusting the exchange rate regime.