Naira gains at official, black markets

The foreign exchange rate between the naira and the dollar closed Tuesday’s official market trading with N471.67 per dollar, the FMDQ Exchange revealed.

It was learnt that the naira appreciated by 0.17 per cent, with authorized dealers reducing the cost of the dollar by N0.83 kobo from N472.50/$1.

According to the FMDQ report, the highest rate the dollar was offered during trading was N477/$1, while the lowest rate was N460/$1.

The report further disclosed that investors and exporters traded N114.78 million in foreign exchange, as the supply of international currencies increased in the official market.

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Recall that last Friday, the value of foreign exchange transacted was $77.42 million. This shows supply rose by N37.36 million or 48.2%

Furthermore, the dollar rate fell to N755.7/$1 in the Bureau De Change window of the black market, from N758.5/$1 reported on Monday, Naira Rates, a forex parallel aggregator stated.

Similarly, the naira appreciated against the pound in the parallel market, with both currencies trading at N964.6/£1, against the previous day’s N966.9/£1 rate.

Also, the euro was sold at a lower rate of N829/$1, when compared to the N830.3/€1 rate reported during trading the previous day.