Naira exchange rates to Dollar converge at both black, official markets

Naira exchange rates to the US Dollar converged at both the parallel market and the official investors and exporters window on Tuesday.

The average black market dollar rate was N769.6/$1 on Tuesday, as the Bureau De Change (BDC) operators reduced their asking price.

They dropped the price of the United States Dollar (USD) slightly by N0.6 kobo, from the previous day’s N770.2/$1 rate, according to the Naira Rates, a parallel market aggregator.

However, the British pound rate was raised in the Bureau De Change window to N992.5/£1. The day before, the pound was sold at N991.5/£1.

Similarly, the European currency, euro, appreciated in value against the naira, as both currencies exchanged at N852.5//€1, up from N851.3/€1.

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Meanwhile, in the investors’ and exporters’ window of the official market, the naira to dollar rate ended trading at N768.44/$1.

Recall that the naira was exchanged at N741.50/$1 rate on Monday, indicating it cost buyers N26.94 kobo more to purchase the USD a day after.

However, before the naira to dollar rate closed at N768.44/$1, the USD and the Nigerian currency exchanged as high as N820/$1 and as low as N700/$1 in intra-day trading.

With the hike in the price of the dollar, the value of foreign exchange transacted fell further on Tuesday to $73.86 million, the FMDQ Exchange disclosed.

During trading the previous day, the foreign exchange traders transacted $88.68 million in the investors’ and exporters’ window. This is $14.82 million or 16.7 per cent decline in transaction.