Naira falls against Dollar at official market, exchanges for N762/$1

The FMDQ Exchange, the official foreign exchange aggregator, revealed that the price of the dollar increased by N20.32 kobo on Thursday.

According to the dollar rate aggregator, the United States currency was traded at a higher price of N762.63/$1, compared to the N742.31/$1 rate reported on Wednesday.

The dollar rate in the investors’ and exporters’ window of the official market remains below that of the Bureau De Change window of the black market.

This is based on the data obtained from Naira Rates, a parallel market aggregator, which showed that the average rate of the dollar was N772/$1 in the black market.

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The day before, the foreign exchange traders in the black market traded the United States Dollar (USD) at the same rate of N772/$1.

However, that of the British pound was raised to an average rate of N997.10/£1, inching higher from the N996.8/£1 rate recorded during trading the previous day.

But the euro rate didn’t follow the same path, as the naira slightly gained against the European currency, which was sold at N851.9/€1, below Wednesday’s price of N854.1/€1.