The value of the naira decreased by 3.85 per cent in the Investors’ and Exporters’ window on Thursday, as the dollar gained against the Nigerian currency.
Dealers increased their asking price by N28.52 kobo to sell the United States Dollar (USD) at N768.60/$1, compared to the previous day’s price of N740.08/$1.
This was disclosed by FMDQ Exchange, which also revealed that the naira to dollar exchange rate hit N869/$1, the day’s high, and N730/$1, the lowest rate.
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Also, FMDQ stated that foreign exchange traders transacted $88.66 million worth of forex in the Investors’ and Exporters’ window.
The forex traders had exchanged $153.28 million worth of foreign exchange on Wednesday, which indicates the value of forex transactions increased by $64.62 million or 42.15 per cent.
Meanwhile, in the black market, Naira Rates, the parallel market aggregator, disclosed that the dollar was sold at an average rate of N859.3/$1, against the preceding day’s N857.1/$1.
In the black market, the average naira to pound rate was put at N1130.4/£1, rising from the N1121.6/£1 rate reported the previous day.
Also, data showed that the parallel market’s average euro rate was N969.2/€1, inching higher from the previous day’s N962.2/€1 rate.