The naira to dollar rate closed trading activities at N742.31/$1 on Wednesday in the investors’ and exporters’ window of the official market.
In a foreign exchange report by FMDQ Exchange, an official market forex aggregator, it was disclosed that the dollar rate fell below Tuesday’s N768.44/$1 rate.
The price of the United States Dollar (USD) dropped by N26.13 kobo, as the value of the naira increased by 3.4 per cent.
This was after foreign exchange traders traded the naira for the dollar at N820/$1, which was the day’s highest rate, and N600/$1, the least rate for the day.
FMDQ Exchange reported a marginal increase in the foreign exchange transactions for the day, as $89.37 million forex was traded before activities ended.
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The authorised dealers and their clients raised the value of transactions by $15.51 million, compared to the $73.86 million transacted the day before.
Meanwhile, the average dollar rate in the Bureau De Change window of the black market was N772/$1, according to the Naira Rates, a parallel channel aggregator.
It was reported that the naira to dollar rate on Wednesday inched higher by N2.4 kobo or 0.3 per cent, from the N769.6/$1 rate disclosed the previous day.
The pound joined the USD on the upward swing in the parallel market, as the British currency jumped from N992.5/£1 to N996.8/£1, indicating the naira dropped in value by 0.43 per cent.
In the same vein, the price of the euro increased marginally by N1.6 kobo, as persons or businesses bought the European currency at an average rate of N854.1/€1, surpassing the N852.5/€1 the euro was sold the preceding day.