Dollar rate against Naira drops, euro, pound go up

Dollar rate against Naira drops, euro, pound go upThe official market traders recorded a 0.25 per cent or N2 drop in the price of the United States Dollar (USD) at the close of trading on Monday.

According to the FMDQ Exchange, the authorised dealers were willing to part with one dollar at the cost of N768.17, which is below the N770.17/$1 rate offered last week Friday.

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Before the American greenback dropped to N768.17/$1, foreign exchange buyers and sellers traded the dollar at N840/$1, the highest rate of the day. The lowest rate for the day was N465/$1.

While the rate of the USD was swinging in the official market, authorised dealers and buyers traded $198.13 million in foreign. exchange.

The forex exchanged by official market traders increased by $72.66 million or 57.9 per cent compared to the $125.47 million traded on Friday.

The N768.17/$1 rate in the official market was slightly above the average rate of N764.3 offered for one dollar in the black market.