Naira drops to N744/$1 at official window

The foreign exchange (Forex) traders closed official forex trading on Monday with one dollar selling at N744.07/$1, dropping from N776.90/$1 reported at the end of Friday’s session.

This shows the naira appreciated in value, as authorised dealers were willing to drop the price of the United States Dollar by N32.83 kobo.

Before the dollar rate settled at N744.07/$1, buyers in the official market had purchased the USD at the cost of N800/$1, the highest rate recorded during the day and N700/$1 the lowest rate reported.

After trading hours, FMDQ Exchange disclosed that the authorised dealers and their clients traded $97.69 million in foreign exchange.

Foreign exchange traders increased the value of their forex transactions by 33.05 per cent or $24.27 million compared to the $73.42 million recorded on Friday.

READ ALSO: Naira to pound rate crosses N1000, dollar rate converges at official, black markets

However, it cost USD buyers in the black market more, as the dollar rate increased by N9.1 kobo, with the value of the naira depreciating by 1.17 per cent.

The average dollar rate rose to N783.4/$1 in the Bureau De Change window of the black market, up from N774.3/$1 rate.

Also, the BDC average pound rate appreciated from N1002/£1 reported on Friday to N1019.2/£1, the parallel market’s aggregator, Naira Rates, disclosed.

The European currency, euro, also increased in value by N15.7 kobo, as the price rose to N871.6/€1, against the previous average rate of N855.9/€1.