Naira hits N788/$1 at official window

The naira to dollar rate in the investors’ and exporters’ window of the official market closed at N788.42/$1 on Tuesday.

According to the FMDQ Exchange, the official rate aggregator, the dollar rate closed above the N744.07/$1 rate reported the day before.

This means the authorised dealers increased their asking price by N44.35 kobo or 5.96 per cent at the end of trading in the official market.

However, the authorised dealers had also sold the foreign exchange at the rate of N803/$1, the highest price of the day, and N730/$1, the lowest recorded.

As the price of the United States Dollar (USD) increased in the official market, the value of foreign exchange transacted fell by 30.28 per cent.

The foreign exchange traders transacted $68.10 million worth of forex in the investors’ and exporters’ window. This is $29.59 million lower than the $97.69 million recorded on Monday.

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Also, on Tuesday, the foreign exchange traders in the black market recorded N7.4 kobo increase in the price of the dollar, with the value of the naira slumping by 0.9 per cent.

Dealers of the USD in the Bureau De Change window of the black market raised the average dollar rate to N790.8/$1, higher than the N783.4/$1 rate offered the previous day.

The price of the pound also continued to rise in the parallel market, with the average rate of the British currency hitting N1034.6/£1, up from N1019.2/£1.

Also, the euro was sold at a higher rate of N884.7/€1, as foreign exchange traders transacted the European currency at a higher rate compared to Monday’s N871.6/€1.