Naira exchanges for N791/$1, N1110.2/£1 at official market

In the Investors’ and Exporters’ window of the official market, the price of the dollar depreciated slightly to N791.42/$1, from Monday’s N792.04/$1 as the gap between the official and black markets’ dollar rates widened.

Although during trading, the naira to dollar rate rose as high as N845/$1. The USD also traded at the lowest rate of N730/$1.

Also, in the Investors’ and Exporters’ window, the foreign exchange traders recorded $51.55 million in forex transactions, according to FMDQ Exchange.

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This is a $2.09 million or 4.22 per cent increase in the value of foreign exchange transactions, as investors and exporters in the official market traded $49.46 million on Monday.

Meanwhile, the dollar experienced a different outcome in the black market where it was traded at an average rate of N851.3/$1.

Authorised dealers in the Bureau De Change window of the parallel market increased their asking price by N4.28 kobo from the N847.02/$1 rate reported on Monday.

Similarly, the price of the pound was raised in the black market by N6.3 kobo to N1110.2/£1. The United Kingdom currency increased in value from N1103.9/£1.

Also, the naira to euro exchange rate went up from N952.5/€1 to N956.7/€1. The price of the European currency was hiked by N4.2 kobo.