Naira begins new week on shaky ground, now N778.42/$1b at official market

The value of the United States Dollar (USD) was increased by the official market authorised dealers by N6.73 kobo to N778.42/$1 on Friday, the FMDQ Exchange revealed.

In the report obtained from the official market aggregator, the dollar rate rose from 771.69 Naira to a dollar offered during trading in the Investors’ and Exporters’ window on Thursday.

It was further disclosed by the FMDQ Exchange that the rate also rose to a high of N799.90/$1 and a low of N700/$1 before the I&E window closed trading at N778.42/$1.

At different Exchange rates offered in the official market backed by the Central Bank of Nigeria (CBN), the foreign exchange traders transacted $73.80 million worth of forex.

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The value of forex transactions decreased compared to the previous day when the authorised dealers and their clients recorded $121.60 million in foreign exchange transactions.

In the Bureau De Change window of the black market, the dollar rate was stable compared to the preceding day, as it was sold at an average rate of N898.6/$1 during trading.

However, the British currency, the pound, recorded a decline, as foreign exchange traders in the parallel market traded the pound at N1146.7/£1, against Thursday’s N1157.2/£1 rate.

Similarly, the euro exchanged the hands of forex traders at an average rate of N983/€1 in the black market. The European currency depreciated in value from the N989.1/€1 rate reported the day before.