Naira appreciates against Dollar, drops against British Pounds

The price of the United States Dollar dropped by N18.82 kobo on Monday in the Investors’ and Exporters’ window of the official market, dropping to N756.94/$1 at the close of trading.

Recall that last Friday, both currencies closed at N775.76/$1, according to a report obtained from the official market forex rate aggregator, FMDQ Exchange.

Note that before the naira to dollar rate closed at N756.94/$1, clients were offered the United States currency at a high rate of N830/$1 and a low price of N651/$1.

Also, FMDQ disclosed that investors and exporters traded $67.21 million in foreign exchange, against the $54.18 million worth of forex reported on Friday.

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Furthermore, Naira Rates, a black market aggregator, said the dollar rate in the parallel channel closed at N862.3/$1 on Monday, dropping slightly from N863.8/$1.

According to the aggregator, the British pound appreciated against the naira in the black market to settle at N1124.3/£1, up from N1119.2/£1.

However, the Nigerian currency gained against the European currency, the euro, after both currencies traded at an average rate of N963.6/€1, above Friday’s N959.5/€1 rate.