Naira appreciates at official market, trades flat at parallel market

The Naira on Wednesday closed at N741.64/$1 at the official market as against the N789.08 it traded for on Tuesday, appreciating by N47.44 kobo on the FMDQ Exchange.

However, the report said the authorised dealers had demanded as much as N804/$1 and as low as N700/41 before trading closed.

Also, authorised dealers recorded $134.12 million in foreign exchange transactions with their clients, which is more than the $67.33 million worth of forex recorded a day before.

READ ALSO: Naira now N789/$1 at official market, hits N865.3/$1 at parallel market

They increased the value of transactions by $66.79 million or 99.19 per cent, indicating supply increased significantly for the first time this week.

Meanwhile, according to Naira Rates, the price of the dollar in the black market was flat at N865.3/$1, a similar rate offered on Tuesday.

However, the average naira to pound rate dropped to N1122.1/£1 in the parallel market, against the N1124.3/£1 rate reported the previous day.

Although the cost of the euro inched higher from N963.1/€1 to N964.3/€1, according to Naira Rates, indicating the naira depreciated by 0.12 per cent.