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.